One last look at the local housing markets in December

by calculated risks 01/24/2023 08:48:00 AM

Today, in Calculated Real Estate Newsletter: One Last Look at Local Housing Markets in December

Brief excerpt:

The big story for existing home sales in December was the sharp drop in sales year-over-year. The other major story was that new listings were down more year-over-year in December as many potential sellers were locked into their existing homes (lower rate mortgage). Active inventory rose sharply year-over-year.

This is the final outlook for the domestic markets in December. I track about 40 local housing markets in the United States. Some of the 40 markets are states, and some are metropolitan areas. I update these tables throughout each month as additional data is released.

Note: I hope to add more markets next month!

First, here’s a table that compares the annual non-seasonally adjusted (NSA) declines in sales this year from the National Association of Realtors┬« (NAR) with the local markets I track. To date, these actions have been closely tracked. NAR reported that sales fell 36.3% year-over-year at NSA in December.

More local data coming in February for activity in January!

My early prediction is that we’ll see a smaller decline in sales year-over-year in January than in Decemberdue to the decline in mortgage rates in December (January sales mostly for contracts signed in November and December).

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

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