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Monday, April 08, 2024

1st Look at Local Housing Markets in March

by Calculated Risk on 4/08/2024 01:04:00 PM

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

A brief excerpt:

NOTE: The tables for active listings, new listings and closed sales all include a comparison to March 2019 for each local market (some 2019 data is not available).

This is the first look at several early reporting local markets in March. 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 March were mostly for contracts signed in January and February when 30-year mortgage rates averaged 6.44% and 6.78%, respectively. This is down from the 7%+ mortgage rates in the August through November period (although rates are now back in the 7% range again).
Closed Existing Home SalesIn March, sales in these markets were down 8.9% YoY. In February, these same markets were up 2.3% year-over-year Not Seasonally Adjusted (NSA).

Sales in all of these markets are down compared to January 2019.
This is a year-over-year decrease NSA for these early reporting markets. However, there were two fewer working days in March 2024 compared to March 2023, so sales Seasonally Adjusted will be higher year-over-year than Not Seasonally Adjusted sales.
This was just a few early reporting markets. Many more local markets to come!
There is much more in the article.