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Tuesday, June 11, 2024

2nd Look at Local Housing Markets in May

by Calculated Risk on 6/11/2024 11:18:00 AM

Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in May

A brief excerpt:

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

This is the second look at several early reporting local markets in May. I’m tracking over 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 May were mostly for contracts signed in March and April when 30-year mortgage rates averaged 6.82% and 6.99%, respectively (Freddie Mac PMMS). This is down from the 7%+ mortgage rates in the August through November period (although rates are now back above 7% again).
Closed Existing Home SalesIn May, sales in these markets were up 1.5% YoY. Last month, in April, these same markets were up 7.9% year-over-year Not Seasonally Adjusted (NSA).

Sales in all of these markets are down compared to May 2019.
This is a small year-over-year increase NSA for these markets. There were the same number of working days in May 2024 compared to May 2023, so the year-over-year change in the seasonally adjusted sales will be about the same as the NSA data suggests.
Many more local markets to come!
There is much more in the article.