by Calculated Risk on 6/06/2025 01:46:00 PM

Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in May

A brief excerpt:

Tracking local data gives an early look at what happened the previous month and also reveals regional differences in both sales and inventory.

Closed sales in May were mostly for contracts signed in March and April, and mortgage rates, according to the Freddie Mac PMMS, averaged 6.65% in March and 6.73% in April. This was a decrease from the average rate for homes that closed in April.

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).
...
In May, sales in these early reporting markets were down 5.5% YoY. Last month, in April, these same markets were down 0.3% year-over-year Not Seasonally Adjusted (NSA).

Important: There were fewer working days in May 2025 (21) as in May 2024 (22). So, the year-over-year change in the headline SA data will be higher than for the NSA data.

Note that most of these early reporting markets have shown stronger year-over-year sales than most other markets for the last several months.
...
This was just several early reporting markets. Many more local markets to come!

There is much more in the article.