by Calculated Risk August 12, 2024 11:12 AM
Today’s Calculated Risk Real Estate Newsletter: Second regional housing market survey in July
Short excerpt:
Note: Active Listings, New Listings, and Completed Sales tables all include comparisons to July 2019 for each local market (some 2019 data is not available).
This is my second look at local markets for July. I track over 40 local housing markets in the U.S. Some of these markets are states, others are large metropolitan areas. I will update this table throughout the month as additional data is released.
Most of the sales that closed in July were from contracts that were signed in May and June, when 30-year mortgage rates averaged 7.06% and 6.92%, respectively (Freddie Mac PMMS).
…In July, sales in these markets increased 4.8% year over year. Last month, in June, sales in these same markets were down 10.9% year over year on a seasonally adjusted (NSA) basis.
Important: July 2024 had 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 significantly compared to July 2019.
…
There will be lots of local markets coming up!
There’s a lot more in the article.
