by Calculated Risk July 9, 2024 11:19 AM
Today’s Calculated Risk Real Estate Newsletter: First regional housing market survey in June
Short excerpt:
Note: Active Listings, New Listings, and Completed Sales tables all include comparisons to June 2019 for each local market (some 2019 data is not available).
This is an initial overview of some early reporting regional markets for June. I track over 40 regional housing markets in the United States. Some of the 40 markets are states, and some are large metropolitan areas. I will update these tables throughout the month as additional data is released.
Sales closed in June were primarily contracts signed in April and May, when 30-year mortgage rates averaged 6.99% and 7.06%, respectively (Freddie Mac PMMS). May was the first month since last fall that the average 30-year mortgage rate exceeded 7%.
…In June, sales in these markets were down 6.7% year over year. Last month, in May, sales in these same markets increased 3.1% year over year on a seasonally adjusted (NSA) basis.
Sales in all these markets are down significantly compared to June 2019.
…
This is a year-over-year NSA decrease in these early reporting markets. However, 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..
…
These are just a few initial reported markets, many more local markets will be reported in the coming days.
There’s a lot more in the article.
