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Monday, February 13, 2023

2nd Look at Local Housing Markets in January

by Calculated Risk on 2/13/2023 09:27:00 AM

Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in January

A brief excerpt:

This is the second look at local markets in January. 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.

Closed sales in January were mostly for contracts signed in November and December. Since 30-year fixed mortgage rates were over 6% for all of November and December closed sales were down significantly year-over-year in January, however, the impact was probably not as severe as for closed sales in December (rates were the highest in October and November 2022 when contracts were signed for closing in December).
Closed Sales Jan 2023And here is a table for new listings in January. For these areas, new listings were down 9.2% YoY. Potential sellers that are locked into their current homes with low mortgage rates has pushed down new listings.

Last month, new listings in these markets were down 21.7% YoY. This is a significantly smaller YoY decline in new listings, and something to watch. There are certain markets - like Georgia and Florida - where new listings are up YoY! is showing a much smaller YoY decline in new listings in January too.
Many more local markets to come!
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