by Calculated Risk June 30, 2024 2:05 PM
Today’s Calculated Risk Real Estate Newsletter: Final regional housing market outlook for May and June sales outlook
Short excerpt:
In May, sales in these markets were down 0.1% year over year. In April, sales in the same markets were up 7.6% year over year, not seasonally adjusted (NSA).
Sales in all these markets are down compared to May 2019.
This represents a 0.1% year-over-year decrease in NSA for these markets, which is close to the 1.0% year-over-year decrease in NSA reported by NAR. NAR reports.
June home sales were driven primarily by contracts signed in April and May, and mortgage rates increased slightly to an average of 7.06% in May. My initial forecast is for existing home sales in June to exceed May levels, on a seasonally adjusted annual rate (SAAR) basis.
Announcement for next month (June sales): Because there will be two fewer business days in June 2024 compared to June 2023 (19 vs. 21), seasonally adjusted sales will be much higher than the NSA data suggests..
There’s a lot more in the article.
