Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in August
A brief excerpt: This is the first look at several early reporting local markets in August. I’m tracking about 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
Closed sales in August were mostly for contracts signed in June and July. Since 30-year fixed mortgage rates were in the 6.7% range in June, and 6.8% in July, compared to the mid-5% range the previous year, closed sales were down year-over-year in August.
In August, sales in these markets were down 10.3%. In July, these same markets were down 11.8% YoY Not Seasonally Adjusted (NSA).
This is a slightly smaller YoY decline NSA than in July for these early reporting markets. Note that there were the same number of selling days each year in August 2022 and August 2023. … This early data suggests the August existing home sales report will show another significant YoY decline – and probably close to the July sales rate of 4.07 million (SAAR) – and the 24th consecutive month with a YoY decline in sales.
This was just several early reporting markets. Many more local markets to come!There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/