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.
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.
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.
More local markets to come!
There is a lot more in the article. You can register on https://calculatedrisk.substack.com/