by calculated risk May 17, 2024 09:43:00 AM
In today’s Calculated Risk Real Estate newsletter: Mr. Lawler: Breaking News on April Existing Home Sales and a Review of the Local Housing Market
A brief excerpt:
Housing economist Tom Lawlor said:
Existing home sales are estimated by the National Association of Realtors based on publicly available local real estate agent/MLS reports published nationwide to date. Seasonally adjusted annual rate for April: 4.23 million yen, up 1.0% from March’s preliminary pace and 0.2% from last April’s seasonally adjusted pace. His April of this year had two more business days than his April of last year, so his unadjusted sales should increase significantly by % year over year.
According to a local real estate agent/MLS report, the median sales price of existing single-family homes rose about 6% last month compared to April of last year.
CR Note: NAR will release April existing home sales on Wednesday, May 22nd. The consensus was SAAR 4.18 million, down from SAAR 4.19 million in March.
…This is a year-over-year increase for NSA in these markets. However, because he had two more business days in April 2024 than in April 2023, his seasonally adjusted sales will be lower year over year than his non-seasonally adjusted sales.
If sales increase year-on-year in April, it will be the first year-on-year increase since August 2021, following 31 consecutive months of year-on-year decline.
There’s a lot more to this article.
