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Wednesday, January 18, 2023

4th Look at Local Housing Markets in December; California Home Sales down 44% YoY in December; Prices Down 2.8% YoY

by Calculated Risk on 1/18/2023 03:59:00 PM

Today, in the Calculated Risk Real Estate Newsletter: 4th Look at Local Housing Markets in December

A brief excerpt:

This is the fourth look at local markets in December. I’m tracking about 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.
Here is the press release from the California Association of Realtors® (C.A.R.): Interest rate reprieve bolsters December home sales, C.A.R. reports
• Existing, single-family home sales totaled 240,330 in December on a seasonally adjusted annualized rate, up 1.1 percent from November and down 44.1 percent from December 2021.

• December’s statewide median home price was, $774,580 down 0.4% percent from November and down 2.8% percent from December 2021.
30 year Mortgage 10 year TreasuryIn December, sales were down 37.8%. In November, these same markets were down 38.1% YoY Not Seasonally Adjusted (NSA).

This is a similar YoY decline as in November for these markets. If national sales decline by the same percent as last month, the NAR will report sales for December under 4.0 million SAAR - below the 4.01 million in May 2020 (pandemic low) and the lowest sales rate since 2010.
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