A third look at the local housing markets in August

by Calculated risk on 9/20/2022 01:30:00 PM

Today, in the Calculated Real Estate Newsletter: A Third Look at Local Housing Markets in August

Brief excerpt:

The big story for existing home sales in August is the sharp drop in sales year on year. The other key story is that new listings fell year on year in August as the sellers’ strike continued. Of course, active listings have risen sharply compared to last year, but inventory growth has stalled. The increase in inventory so far has been attributed to weak demand, likely due to higher mortgage rates.

Below is a table comparing the annual declines in non-seasonally-adjusted (NSA) sales this year from the National Association of Realtors® (NAR) with the local markets I track. So far, these actions have been closely followed, and preliminary data below indicates a sharp drop in sales in August.

Note that in August 2022, there was one more sale day than in August 2021, so The decline in August sales will be greater than that of the NSA. The opposite was true in July (more sale day in July 2021 than in July 2022). So, Seasonally adjusted, this will likely be close to the same annual decline as in July.

More local markets to come!

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