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Tuesday, March 15, 2022

3rd Look at Local Housing Markets in February

by Calculated Risk on 3/15/2022 01:38:00 PM

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in February

A brief excerpt:

California doesn’t report monthly sales (not seasonally adjusted) or inventory, but here is the press release from the California Association of Realtors® (C.A.R.): California home sales edge higher in February amid geopolitical tensions and inflation uncertainty, C.A.R. reports
February’s sales pace was down 4.5 percent on a monthly basis from 444,540 in January and was down 8.2 percent from a year ago ... California’s Unsold Inventory Index (UII) rose in February as active listings climbed from January to the highest level in three months. February’s UII was 2.0 months and 2.1 months in February 2021.
Active Inventory in February

Here is a summary of active listings for these housing markets in February. Inventory was down 5.3% in February month-over-month (MoM) from January, and down 23.9% year-over-year (YoY).

It appears inventory has bottomed seasonally in some areas. Last month, these markets were down 26.5% YoY, so the YoY decline in February is smaller than in January. This isn’t indicating a slowing market, but maybe a few baby steps towards a more balanced market in some areas.

Case-Shiller House Prices IndicesNotes for all tables:

1) New additions to table in BOLD.

2) Northwest (Seattle), North Texas (Dallas), and Santa Clara (San Jose), Jacksonville, Source: Northeast Florida Association of REALTORS®

3) otals do not include Atlanta, Denver, Minneapolis (included in state totals).
There is much more in the article.