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Thursday, March 28, 2024

Final Look at Local Housing Markets in February

by Calculated Risk on 3/28/2024 11:35:00 AM

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

A brief excerpt:

Note: Most analysts were surprised by the increase in sales in February. Not housing economist Tom Lawler, or any readers of this newsletter. The local data clearly showed that sales - as reported by the NAR - would be up solidly in February. This is one of the reasons I track local markets. It is also useful to track inventory, both new and active.

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 February.

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 February were that existing home sales increased to 4.38 million on a seasonally adjusted annual rate basis (SAAR), and new listings were up YoY for the 5th consecutive month!
Closed Existing Home SalesAnd here is a table for new listings in February (some areas don’t report new listings). For these areas, new listings were up 21.8% year-over-year.

Last month, new listings in these markets were up 8.6% year-over-year.

New listings are now up solidly year-over-year, but still at historically low levels. New listings in most of these areas are down compared to January 2019 activity.
More local data coming in April for activity in March!
There is much more in the article.