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Wednesday, March 08, 2023

1st Look at Local Housing Markets in February

by Calculated Risk on 3/08/2023 12:26:00 PM

Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in February

A brief excerpt:

This is the first look at local markets in February. 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 February were mostly for contracts signed in December and January. Since 30-year fixed mortgage rates were over 6% for all of December and January - compared to mid-3% range the previous year - closed sales were down significantly year-over-year in February. However, the impact was probably not as severe as for closed sales in December and January (rates were the highest in October and November 2022 when contracts were signed for closing in December and January.
Median sales prices for single family homes were down 5.6% year-over year (YoY) in Las Vegas, down 5.7% YoY in Denver, down 1.1% YoY in San Diego, and down 1.7% YoY in the Northwest (Seattle Area).
Closed Sales Jan 2023In February, sales in these markets were down 24.1%. In January, these same markets were down 36.3% YoY Not Seasonally Adjusted (NSA).

This is a smaller YoY decline NSA than in January for these early reporting markets. The early data suggests NAR reported sales will rebound in February. This will still be a significant YoY decline, and the 18th consecutive month with a YoY decline.
Many more local markets to come!
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