by Calculated Risk August 19, 2024, 10:44 AM
Today’s Calculated Risk Real Estate Newsletter: Lawler: July Existing Home Sales Flash Report and Third Regional Housing Market Survey
Short excerpt:
Housing economist Tom Lawler said:
Based on local Realtor/MLS reports published nationwide to date, the National Association of Realtors estimates existing home sales are July seasonally adjusted annual rate: 3.96 millionThat was up 1.8% from the provisional figure for June but down 2.2% from the seasonally adjusted figure for July last year.
Unadjusted sales are expected to increase year-over-year, but the SA/NSA differential reflects that there were more business days in July this year than in July last year.
According to local real estate agent/MLS reports, the median sales price of existing single-family homes increased about 3.9% last month compared to a year ago.
CR Note: The National Association of Realtors (NAR) is scheduled to release July existing home sales at 10 a.m. ET on Thursday, Aug. 22. The consensus is for a SAAR of 3.9 million, up from last month’s 3.89 million.
…In July, sales in these markets increased 3.8% year over year. Last month, in June, sales in these same markets were down 12.8% year over year on a seasonally adjusted (NSA) basis.
Important: July 2024 will have two more business days compared to July 2023 (22 vs. 20), so seasonally adjusted sales will be much lower than the NSA data indicates. This is the opposite of what happened in June.
Sales in all these markets are down compared to July 2019.
…
More local markets to come!
There’s a lot more in the article.
