by calculated risk September 30, 2024 10:31:00 AM
In today’s ‘Calculated Risk Real Estate’ newsletter: Overview of local housing market in August and outlook for sales in September
A brief excerpt:
After the National Association of Realtors® (NAR) released; Monthly used home sales reportPicks up additional local market data reported after NAR. This is the last local market for August.
The big story in August was that existing home sales declined on a seasonally adjusted annual rate (SAAR) basis to 3.86 million units, slightly above the October 2023 cycle low of 3.85 million SAAR, the 36th consecutive month of year-over-year declines. This was a record for the same month. decline.
…Sales in these markets in August were down 4.5% year-on-year. of NAR reported NSA’s sales in August were down 5.7% year-on-year.
Sales in all these markets are down compared to August 2019.
This is a year-over-year decline in NSA in these markets. However, there was one fewer business day in August 2024 compared to August 2023 (22 days vs. 23 days), so seasonally adjusted sales declined less than NSA sales.
Sales in September are expected to be centered on contracts concluded in July and August, with mortgage interest rates averaging 6.50% in August, down from 6.85% in July. My early predictions are that existing home sales will increase year-over-year in September for the first time in more than three years.
There’s a lot more to this article.
