“For many [home] sellers, it probably looks like the rug has been pulled out from under them”

by Risk calculated on 06/10/2022 10:34:00

Today, in the Calculated Risk Real Estate Newsletter: “For many [home] sellers, it probably looks like the rug has been pulled out from under them”

A brief excerpt:

Some first reporting markets…

This is the first look at local markets in September. I follow about 35 local real estate markets in the United States. Some of the 35 markets are states and some are metropolitan areas. I will update these charts throughout the month as additional data is released.
…
From the Denver Metro Association of Realtors® (DMAR): DMAR Real Estate Market Trends Report

Using months of inventory as a measure indicates that Denver Metro is heading towards a balanced market. … However, for many sellers it probably looks like the rug has been pulled out from under them.

In September, sales fell by 33.1%. In August, those same markets were down 32.4% year-on-year unadjusted for seasonality (NSA).

Note that in September 2022 there were the same number of selling days as in September 2021, so the SA drop will be similar to the NSA drop. Last month, in August 2022, there was one more selling day than in August 2021 – so seasonally adjusted, the drop in sales in August was greater than in September for these markets.

Many more local markets to come!

There is a lot more in the article. You can register on https://calculatedrisk.substack.com/