Final Look at Local Housing Markets in November
by Calculated Risk on 12/28/2022 08:40:00 AM
Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in November
A brief excerpt:
The big story for November existing home sales was the sharp year-over-year (YoY) decline in sales. Another key story was that new listings were down further YoY in November as many potential sellers are locked into their current home (low mortgage rate). And active inventory increased sharply YoY.
This is the final look at local markets in November. I’m tracking about 35 local housing markets in the US. Some of the 35 markets are states, and some are metropolitan areas. I update these tables throughout each month as additional data is released.
NOTE: I’ll be adding several more markets next month!
First, here is a table comparing the year-over-year Not Seasonally Adjusted (NSA) declines in sales this year from the National Association of Realtors® (NAR) with the local markets I track. So far, these measures have tracked closely. The NAR reported sales were down 35.2% NSA YoY in November.
More local data coming in January for activity in December!
My early expectation is we will see a similar YoY sales decline in December as in November, due to the increase in mortgage rates in September and October.
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/