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Monday, September 25, 2023

Final Look at Local Housing Markets in August

by Calculated Risk on 9/25/2023 01:56:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in August

A brief excerpt:

Each month I track closed sales, new listings and active inventory in a sample of local markets around the country (over 40 local housing markets) in the US to get an early sense of changes in the housing market. In addition, we can look for regional differences.

After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local market data that is reported after the NAR (and I’m adding more markets). This is the final look at local markets in August.

Closed Sales June 2023The big story for August existing home sales was the near cycle low sales volume, and the large year-over-year (YoY) decline in sales. Also new listings were down YoY, but much less than in previous months.

This table shows the YoY change in new listings since the start of 2023. The smaller decline is due to a combination of new listings collapsing in the 2nd half of 2022, and new listings holding up more seasonally than normal (but still historically very low).
More local data coming in October for activity in September!
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