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Final Look at Local Housing Markets in July

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by Calculated Risk on 8/22/2022 12:32:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in July

A brief excerpt:

And a table of July sales. Sales in these areas were down 22.8% YoY, Not Seasonally Adjusted (NSA). Contracts for sales in July were mostly signed in May and June, and we are seeing the impact of higher mortgage rates on July closings.

In June, all local markets I track were down 15.9% YoY, NSA. So, this was another step down in sales, although there was one less selling day in July this year than in July 2021. The NAR reported July sales down 22.4% YoY NSA, and down 20.2% Seasonally Adjusted (SA).

Looking ahead: In August 2022, there is one more selling day than in August 2021, so the SA decline in sales will be larger than the NSA decline.

Here is a table comparing the year-over-year Not Seasonally Adjusted (NSA) declines in sales this year from the National Association of Realtors(R) (NAR) with the local markets I track. So far, these measures have tracked closely.

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

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