by Calculated Risk July 12, 2024 12:45 PM
Today’s Calculated Risk Real Estate Newsletter: Second 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 my second look at several regional markets that reported early in May. I track over 40 regional housing markets in the U.S., including some states and metropolitan areas. I will be updating these tables throughout the month as additional data is released.
Most of the sales that closed in June were from contracts that were 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 11.8% year over year. Last month, in May, sales in these same markets were down 0.3% year over year on a seasonally adjusted (NSA) basis.
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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 would suggest.
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There will be lots of local markets coming up!
There’s a lot more in the article.
