1st Look at Local Housing Markets in June


by Calculated Risk on 7/09/2024 11:19:00 AM

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

A brief excerpt:

NOTE: The tables for active listings, new listings and closed sales all include a comparison to June 2019 for each local market (some 2019 data is not available).

This is the first look at several early reporting local markets in June. I’m tracking over 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.

Closed sales in June were mostly for contracts signed in April and May when 30-year mortgage rates averaged 6.99% and 7.06%, respectively (Freddie Mac PMMS). May was the first month since last Fall with average 30-year mortgage rates over 7%

Closed Existing Home SalesIn June, sales in these markets were down 6.7% YoY. Last month, in May, these same markets were up 3.1% year-over-year Not Seasonally Adjusted (NSA).

Sales in all of these markets are down significantly compared to June 2019.

This is a year-over-year decrease NSA for these early reporting markets. However, there were two fewer working days in June 2024 compared to June 2023 (19 vs 21), so seasonally adjusted sales will be much higher than the NSA data suggests.

This was just a several early reporting markets. Many more local markets to come!

There is much more in the article.



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