by Calculated Risk September 13, 2024 3:13 PM
Today’s Calculated Risk Real Estate Newsletter: Second regional housing market survey in August
Short excerpt:
Note: Active Listings, New Listings, and Completed Sales tables all include comparisons to August 2019 for each local market (some 2019 data is not available).
This is my second look at some early reporting regional markets for August. I track over 40 regional housing markets in the U.S. Some of the 40 markets are states, others are large metropolitan areas. I will update these tables throughout the month as additional data is released.
Most of the sales that closed in August were from contracts that were signed in June and July, when 30-year mortgage rates averaged 6.92% and 6.85%, respectively (Freddie Mac PMMS).
…In August, sales in these markets were down 5.3% year over year. Last month, in July, sales in these same markets increased 4.1% year over year on a seasonally adjusted (NSA) basis.
Important: August 2024 had one less business day compared to August 2023 (22 vs. 23), so seasonally adjusted sales will be higher than NSA sales. Last month, July 2024 had two more business days compared to July 2023 (22 vs. 20), so seasonally adjusted sales were lower than NSA data would indicate.
…
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.
