Today, in the Calculated Risk Real Estate Newsletter: 4th Look at Local Housing Markets in July
A brief excerpt: Note: The National Association of Realtors (NAR) is scheduled to release July existing home sales tomorrow, Tuesday, August 22nd, at 10:00 AM ET. The consensus is for 4.15 million SAAR, down from 4.16 million last month. Housing economist Tom Lawler expects the NAR to report sales of 4.06 million SAAR for July.
In July, sales in these markets were down 14.7%. In June, these same markets were down 16.8% YoY Not Seasonally Adjusted (NSA).
This is a smaller YoY decline NSA than in June for these markets. Note that there were the same number of selling days each year in July 2022 and July 2023.
A key factor in the smaller YoY decline was that sales were steadily declining last year due to higher mortgage rates – and sales in July on a seasonally adjusted annual rate (SAAR) basis will likely be close to 4.06 million.
Several local markets – like Illinois, Miami, New Jersey and New York – will report after the NAR release. There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/