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Friday, June 14, 2024

3rd Look at Local Housing Markets in May

by Calculated Risk on 6/14/2024 09:46:00 AM

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in May

A brief excerpt:

The National Association of Realtors (NAR) is scheduled to release May Existing Home Sales on Friday June 21st at 10 AM ET. The early consensus is for 4.10 million SAAR, down from 4.14 million in April, and down from 4.23 million in May 2023.
Closed Existing Home SalesIn May, sales in these markets were down 0.6% YoY. Last month, in April, these same markets were up 7.6% year-over-year Not Seasonally Adjusted (NSA). However, there were two more working days in April 2024 than in April 2023, so seasonally adjusted, sales were down YoY last month.

Sales in all of these markets are down compared to May 2019.
This is a small year-over-year decrease 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.