A first look at the local housing market in April

by calculated risk May 8, 2024 11:57:00 AM

In today’s ‘Calculated Risk Real Estate’ newsletter: A first look at the local housing market in April

A brief excerpt:

Note: Active listings, new listings, and closed sales tables all include comparisons to April 2019 for each regional market (some 2019 data is not available).
This is the first look at some local markets reported early in April. I track over 40 of her local housing markets in the US. Some of the 40 markets are state and some are metropolitan. We will update these tables throughout the month as additional data is released.
Most of the sales closed in April were contracts signed in February and March, when 30-year mortgage interest rates averaged 6.78% and 6.82%, respectively (Freddie Mac PMMS). This is lower than mortgage rates of over 7% from August to November (although rates are now back above 7% again).
…
Sales in these markets increased 10.2% year over year in April. In March, these same markets were down 9.4% year over year on a seasonally adjusted (NSA) basis.
Sales in most of these markets are down compared to January 2019. Nashville sales are up compared to 2019.
…
This is a year-over-year increase in NSA in these early reporting markets. but, There were 2 more business days in April 2024 compared to April 2023As a result, seasonally adjusted sales are lower year-over-year than non-seasonally adjusted sales.
…
This was only a small portion of the initial reporting market. More local markets coming!