a third look at local housing markets in October; California Sales Cuts 37% YoY, Prices Are Falling; Early read on the October sales

by calculated risks 11/16/2022 03:49:00 PM

Today, in the Calculated Real Estate Newsletter: A Third Look at Local Housing Markets in October; California Sales Cuts 37% YoY, Prices Are Falling; Early read on the October sales

Brief excerpt:

California does not report monthly inventory figures, but it does report the change in inventory months. Here’s the California Association of Realtors┬« (CAR) press release: California home sales bear the brunt of higher interest rates in October, CAR reports

The pace of October sales fell 10.4 percent month-on-month from 305,680 in September and Down 36.9 percent from last year, when 434,170 homes were sold year on year. …

The median home price in California fell 2.5 percent in October to $801,190 from $821,680 recorded in September. The October price was 0.3 percent higher than the $798,440 recorded last October and was the lowest year-over-year price hike in 29 months.

In October, sales fell 29.2% year-over-year non-seasonally adjusted (NSA) for these markets.

Here is a table that compares this year’s annual declines in non-seasonally adjusted (NSA) sales from the National Association of Realtors┬« (NAR) with the local markets I track. So far, these measures have been tracked closely, and the preliminary data below points to a sharp drop in sales in October.

There is a lot in the article. You can subscribe at https://calculatedrisk.substack.com/

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