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Wednesday, May 10, 2023

2nd Look at Local Housing Markets in April

by Calculated Risk on 5/10/2023 01:34:00 PM

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

A brief excerpt:

This is the second look at local markets in 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 April were mostly for contracts signed in February and March. Since 30-year fixed mortgage rates were over 6% for all of February and March - compared to the 4% range the previous year - closed sales were down significantly year-over-year in April.

It is likely sales were down more year-over-year in April than in March, 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).
Closed Sales Jan 2023In April, sales in these markets were down 30.7%. In March, these same markets were down 24.0% YoY Not Seasonally Adjusted (NSA).

This is a larger YoY decline NSA than in March for these markets, however there was one less selling day in April this year. This early data suggests the April existing home sales report will show another significant YoY decline, and the 20th consecutive month with a YoY decline in sales.

Many more local markets to come!
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