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1st Look at Local Housing Markets in August, Sales and New Listings Down Sharpy Year-over-year

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by Calculated Risk on 9/09/2022 08:26:00 AM

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

A brief excerpt:

This is the first look at local markets in August. I’m tracking about 35 local housing markets in the US. Some of the 35 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.

We are seeing a sharp decline in closed sales, and inventory is up significantly year-over-year. Also, new listings are down as the sellers’ strike continues. The increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.

In August, sales were down 26.1%. In July, these same markets were down 31.3% YoY.

Note that in August 2022, there was one more selling day than in August 2021, so the SA decline in August sales will be larger than the NSA decline. The opposite was true in July (one more selling day in July 2021 than in July 2022). So, seasonally adjusted, this is probably close to the same YoY decline as in July.

Many more local markets to come!

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/

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