by Calculated Risk June 11, 2024 11:18 AM
Today’s Calculated Risk Real Estate Newsletter: Second regional housing market survey in May
Short excerpt:
Note: Active Listings, New Listings, and Completed Sales tables all include comparisons to May 2019 for each local market (some 2019 data is not available).
This is my second look at several regional markets that reported early in May. I track over 40 regional housing markets in the U.S., including some states and metropolitan areas. I will be updating these tables throughout the month as additional data is released.
Most of the sales that closed in May were from contracts that were signed in March and April, when 30-year mortgage rates averaged 6.82% and 6.99%, respectively (Freddie Mac PMMS). This is lower than the 7%+ mortgage rates from August through November (although rates are now back above 7%).
…In May, sales in these markets increased 1.5% year over year. Last month, in April, sales in these same markets increased 7.9% year over year on a seasonally adjusted (NSA) basis.
Sales in all these markets are down compared to May 2019.
…
This is a slight increase in the year-over-year NSA in these markets. Because the number of business days in May 2024 was the same as in May 2023, the year-over-year change in seasonally adjusted sales will be roughly the same as what the NSA data indicates.
…
There will be lots of local markets in the future!
There’s a lot more in the article.
