by calculated risk October 14, 2024 11:19:00 AM
In today’s Calculated Risk Real Estate newsletter: 2nd edition of the local housing market in September
A brief excerpt:
Note: Active listings, new listings, and closed sales tables all include comparisons to September 2019 for each regional market (some 2019 data is not available).
This is the second survey of several local markets reported earlier in September. I track over 40 local housing markets in the United States. Some of the 40 markets are state and some are metropolitan. We will update these tables throughout the month as additional data is released.
The majority of sales closed in September were contracts signed in July and August, when 30-year mortgage rates averaged 6.85% and 6.50%, respectively (Freddie Mac PMMS).
…Sales in these markets in September were down 4.2% year-on-year. Last month, in August, these same markets fell 5.1% year over year on a seasonally adjusted (NSA) basis.
Important: The number of business days in September 2024 (20) was the same as in September 2023 (20). Therefore, the year-on-year change in headline SA data will be similar to NSA data. Last month, there was one fewer business day in August 2024 than in August 2023 (22 days vs. 23 days), so the seasonally adjusted sales decline was smaller than NSA sales.
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The data suggests that existing home sales reports will decline year-over-year in September.
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More local markets coming!
There’s a lot more to this article.
