by Calculated Risk June 6, 2024 1:34 PM
Today’s Calculated Risk Real Estate Newsletter: First regional housing market survey in May
Short excerpt:
Note: Active Listings, New Listings, and Completed Sales tables all include comparisons to May 2019 for each local market (some 2019 data is not available).
This is an initial look at some of the regional markets that reported early in May. I track over 40 regional housing markets in the U.S. Some of the 40 markets are states, others are large metropolitan areas. I will update these tables throughout the month as additional data is released.
Most of the sales that closed in May were from contracts that were signed in March and April, when 30-year mortgage rates averaged 6.82% and 6.99%, respectively (Freddie Mac PMMS). This is lower than the 7%+ mortgage rates from August through November (although rates are now back above 7%).
…In May, sales in these markets increased 3.3% year over year. Last month, in April, sales in these same markets increased 8.2% year over year on a seasonally adjusted (NSA) basis.
Sales in all these markets are down compared to May 2019.
…
This is a year-over-year NSA increase in these early reporting markets. Because May 2024 had the same number of business days as May 2023, the year-over-year change in seasonally adjusted sales will be roughly the same as what the NSA data would indicate.
…
This is just a small selection of the initial reported markets, with many more local markets to be reported in the coming days.
There’s a lot more in the article.
