by calculated risk 2024/11/07 10:45:00 AM
In today’s ‘Calculated Risk Real Estate’ newsletter: A first look at the local housing market in October
A brief excerpt:
Note: Active listings, new listings, and closed sales tables all include comparisons to October 2019 for each regional market (some 2019 data is not available).
This is the first look at some local markets reported early in October. 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 October sales were contracts signed in August and September, when 30-year mortgage rates averaged 6.50% and 6.18%, respectively (Freddie Mac PMMS). Mortgage rates are at their lowest in two years.
…In October, sales in these markets increased by 17.3% year-on-year. Last month, in September, these same markets fell 0.3% year over year on a seasonally adjusted (NSA) basis.
Important: There is one business day in October 2024 (22), as well as October 2023 (21). Therefore, the year-over-year increase in SA’s key data will be smaller than what the NSA data indicates. Last month, the number of business days in September 2024 was the same compared to September 2023 (22 days vs. 23 days), so seasonally adjusted sales decreased by about the same amount as NSA sales.
Sales in all these markets have decreased significantly compared to October 2019.
…
This was just a few markets in the initial report. More local markets coming!
There’s a lot more to this article.
