by Risk calculated on 22/05/2023 11:56:00
Today, in the Calculated Risk Real Estate Newsletter: Final look at local housing markets in April
A brief excerpt:
California home sales down 36.1% YoY in April, median prices down 7.8% YoY
Here is the press release from the California Association of Realtors® (CAR): Higher mortgage rates and low housing inventory dampen California home sales in April, CAR reports
• Sales of existing single-family homes totaled 267,880 in April on a seasonally adjusted annualized rate, down 4.7% from March and 36.1% from April 2022.
• The statewide median home price in April was $815,340, up 3.0% from March and down 7.8% from April 2022. …
And a chart of April sales.
In April, sales in these markets fell by 26.1%. In March, these same markets were down 20.5% year-on-year unadjusted for seasonality (NSA).
This was a bigger NSA drop in April than in March for these markets, but there was one less selling day in April this year.
I expect we will see a somewhat similar level of sales in May as in April. 30-year mortgage rates averaged around 6.4% in February and March (for sales closed in April) and 30-year mortgage rates averaged 6.44% in March and April (roughly the same).
More local data to come in June for activity in May!
There is a lot more in the article. You can register on https://calculatedrisk.substack.com/