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Thursday, July 06, 2023

Early Look at Local Housing Markets in June

by Calculated Risk on 7/06/2023 02:56:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Early Look at Local Housing Markets in June

A brief excerpt:

This is a look at a few early reporting local markets in May. 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 June were mostly for contracts signed in April and May. Since 30-year fixed mortgage rates were in the 6.4% range in April and May - compared to the 5% range the previous year - closed sales were down year-over-year in June.
Closed Sales June 2023In June, sales in these markets were down 20.4%. In May, these same markets were down 24.7% YoY Not Seasonally Adjusted (NSA).

This is a smaller YoY decline NSA than in May for these early reporting markets. Note that there were the same number of selling days each year in June 2022 and June 2023.

A key factor in the smaller YoY decline was that sales were steadily declining last year due to higher mortgage rates. ...

This was a just a few early reporting markets. Many more local markets to come!
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