Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in July
A brief excerpt: Each month I track closed sales, new listings and active inventory in a sample of local markets around the country (over 40 local housing markets) in the US to get an early sense of changes in the housing market. In addition, we can look for regional differences.
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local market data that is reported after the NAR (and I’m frequently adding more markets). This is the final look at local markets in July.
The big story for July existing home sales was the large year-over-year (YoY) decline in sales. Also new listings were down sharply YoY and active listings are now down YoY.
In July, sales in these markets were down 16.9%. In June, these same markets were down 16.9% YoY Not Seasonally Adjusted (NSA).
My early expectation is we will see a somewhat lower level of sales in August on a seasonally adjusted annual rate basis (SAAR) than in July.
More local data coming in September for activity in August! There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/