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Wednesday, April 24, 2024

Final Look at Local Housing Markets in March

by Calculated Risk on 4/24/2024 09:49:00 AM

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

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 March.

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 March were that existing home sales decreased to 4.19 million on a seasonally adjusted annual rate basis (SAAR), and new listings were up YoY for the 6th consecutive month although new listing growth slowed.
Closed Existing Home SalesAnd a table of March sales.
This was a 10.3% year-over-year decrease NSA for these markets. This is about the same as the 9.7% decline NSA reported by the NAR.

However, there were two fewer working days in March 2024 compared to March 2023, so sales Seasonally Adjusted were down less year-over-year than Not Seasonally Adjusted sales.
Note for next month (April sales): There were two more working days in April 2024 compared to April 2023, so seasonally adjusted sales will be lower than the NSA data suggests.
More local data coming in May for activity in April!
There is much more in the article.