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Monday, February 26, 2024

Final Look at Local Housing Markets in January

by Calculated Risk on 2/26/2024 03:02:00 PM

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

A brief excerpt:

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

I’ve added a comparison of active listings, new listings, and closings to the same month in 2019 (for markets with available data). This gives us a sense of the current low level of sales and inventory, and also shows some significant regional differences.

The big stories for January were that existing home sales were very low, at 4.00 million on a seasonally adjusted annual rate basis (SAAR), and new listings were up YoY for the 4th consecutive month!
Closed Existing Home SalesAnd a table of January sales.

In January, sales in these markets were up 3.0%. In December, these same markets were down 7.9% year-over-year Not Seasonally Adjusted (NSA).

Sales in most of these markets are down sharply compared to January 2019.
It is unlikely sales will be up year-over-year in February since sales were reported at 4.53 million SAAR in February 2023. The comparison will be easier later in the year.

More local data coming in March for activity in February!
There is much more in the article.