by Risk calculated on 03/17/2023 1:12:00 PM
Today, in the Calculated Risk Real Estate Newsletter:
Lawler: Early Reading on February Existing Home Sales 3rd look at local housing markets in February
A brief excerpt:
This is the third look at local markets in February. I follow about 40 local real estate markets in the United States. Some of the 40 markets are states and some are metropolitan areas. I will update these charts throughout the month as additional data is released.
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California does not report monthly inventory numbers, but they do report the variation in inventory months. Here is the press release from the California Association of Realtors® (CAR): More favorable interest rates boost California home sales for third straight month in February, CAR reports• Sales of existing single-family homes totaled 284,010 in February at a seasonally adjusted annualized rate, up 17.6% from January and down 33.2% from February 2022.
• The statewide median home price in February was $735,480, down 2.1% from January and 4.8% from February 2022.
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In February, sales in these markets fell by 23.7%. In January, these same markets were down 34.1% year-on-year unadjusted for seasonality (NSA).
This is a significantly weaker year-on-year NSA decline than in January for these early reporting markets.
This data suggests that sales reported by NAR will rebound in February. This will still be a significant year-over-year decline, and the 18th consecutive month with a year-over-year decline.
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More local markets to come!
There is a lot more in the article. You can register on https://calculatedrisk.substack.com/