by Calculated Risk on 5/22/2023 11:56:00 AM

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

A brief excerpt:

California Home Sales Down 36.1% YoY in April, Median Prices Decline 7.8% YoY

Here is the press release from the California Association of Realtors® (C.A.R.): Higher mortgage rates and low housing inventory restrain California home sales in April, C.A.R. reports

• Existing, single-family home sales totaled 267,880 in April on a seasonally adjusted annualized rate, down 4.7 percent from March and down 36.1 percent from April 2022.

• April’s statewide median home price was $815,340, up 3.0 percent from March and down 7.8 percent from April 2022. ...

And a table of April sales.

In April, sales in these markets were down 26.1%. In March, these same markets were down 20.5% YoY Not Seasonally Adjusted (NSA).

This was a larger YoY decline NSA in April than in March for these markets, however there was one less selling day in April this year.
...
My early expectation is we will see a somewhat similar level of sales in May as in April. 30-year mortgage rates averaged about 6.4% in February and March (for closed sales in April), and 30-year rates averaged 6.44% in March and April (about the same).
...
More local data coming in June for activity in May!

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