at Calculated Risk on 11/07/2024 10:45:00 AM
Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in October
A letter excerpt:
NOTE: The tables for active listings, new listings and closed sales all include a comparison to October 2019 for each local market (some 2019 data is not available).
This is the first look at several early reporting local markets in October. I’m tracking over 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
Closed sales in October were mostly for contracts signed in August and September when 30-year mortgage rates averaged 6.50% and 6.18%, respectively (Freddie Mac PMMS). These were the lowest mortgage rates in 2 years!
…In October, sales in these markets were up 17.3% YoY. Last month, in September, these same markets were down 0.3% year-over-year Not Seasonally Adjusted (NSA).
Important: There was one more working day in October 2024 (22) than in October 2023 (21). So, the year-over-year increase in the headline SA data will be less than the NSA data indicates. Last month there were the same number of working days in September 2024 compared to September 2023 (22 vs 23), so seasonally adjusted sales were down about the same as NSA sales.
Sales in all of these markets are down significantly compared to October 2019.
…
This was just several early reporting markets. Many more local markets to come!
There is much more in the article.