by Risk calculated on 24/03/2023 10:10:00
Today, in the Calculated Risk Real Estate Newsletter: Final look at local housing markets in February
A brief excerpt:
The big story for existing home sales in February was the sharp drop in year-over-year (YoY) sales, as well as the rebound from the low level of sales in December and January. Additionally, active inventory is up sharply year-over-year, but remains historically low – and new listings are down year-over-year.
This is the last 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 update these charts throughout each month as additional data is released.
First, here’s a chart comparing the National Association of Realtors® (NAR) year-over-year unadjusted (NSA) sales declines with the local markets I monitor. So far, these measures have followed closely. The NAR reported sales fell 23.0% NSA YoY in February.
Note: Although existing home sales activity bottomed out in December (AS4.03 million) and January (AS4.00 million), there are usually two housing lows: the first for activity and the second for prices. See Has housing “hit rock bottom”?
I expect we will see a similar year-over-year sales decline in March to Februarysince the mortgage rates for the contracts signed in January and February were about the same level as the contracts concluded in February.
More local data to come in April for activity in March!
There is a lot more in the article. You can register on https://calculatedrisk.substack.com/