by calculated risk October 9, 2024 11:23:00 AM
In today’s Calculated Risk Real Estate newsletter: A first look at 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 first look at some local markets reported early 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.
September sales were dominated by 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 were flat year over year in September. Last month, in August, these same markets fell 2.3% 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.
Sales in all these markets have decreased significantly compared to September 2019.
…
This was just a few markets in the initial report. More local markets coming!
There’s a lot more to this article.
