Early Read on Existing Home Sales in January
by Calculated Risk on 2/17/2023 03:20:00 PM
Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in January
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 4.18 million in January, up 4.0% from December’s preliminary pace and down 35.6% from last January’s seasonally adjusted pace.
In January, sales were down 33.9% in these markets. In December, these same markets were down 37.5% YoY Not Seasonally Adjusted (NSA).
This is a smaller YoY decline than in December for these markets. This data suggests NAR reported sales will rebound in January from 4.02 million SAAR in December.
This will still be a significant YoY decline, and the 17th consecutive month with a YoY decline.
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