by Calculated Risk July 16, 2024 12:34 PM
Today’s Calculated Risk Real Estate Newsletter: Third 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 third look at several local markets for the month of June. I track over 40 local housing markets in the United States, including state and metropolitan area markets. I will update 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 12.5% year-over-year. Last month, in May, sales in these same markets were down 1.0% 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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More local markets to come!
There’s a lot more in the article.
