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Tuesday, April 16, 2024

Lawler: Early Read on Existing Home Sales in March

by Calculated Risk on 4/16/2024 03:50:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Lawler: Early Read on Existing Home Sales in March

A brief excerpt:

From housing economist Tom Lawler:
Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.23 million in March, down 3.4% from February’s preliminary pace and down 2.8% from last ’s March’s seasonally adjusted pace.  Unadjusted sales should show a larger YOY decline, as there were two fewer business days this March compared to last March.

Local realtor/MLS reports suggest that the median existing single-family home sales price last month was up by about 6% from last March.
CR Note: The NAR is scheduled to release March existing home sales on Thursday, April 18th. The consensus is for 4.20 million SAAR, down from 4.38 million in February.