by Calculated Risk on 9/12/2023 10:08:00 AM

Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in August

A brief excerpt:

This is the second look at local markets in August. I’m tracking a sample of about 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 August were mostly for contracts signed in June and July. Since 30-year fixed mortgage rates were in the 6.7% range in June, and 6.8% in July, compared to the mid-5% range the previous year, closed sales were down year-over-year in August.
...
In August, sales in these markets were down 12.8%. In July, these same markets were down 13.7% YoY Not Seasonally Adjusted (NSA).

This is a slightly smaller YoY decline NSA than in July for these early reporting markets. Note that there were the same number of selling days each year in August 2022 and August 2023. ... This early data suggests the August existing home sales report will show another significant YoY decline - and probably close to or below the July sales rate of 4.07 million (SAAR) - and the 24th consecutive month with a YoY decline in sales.

Many more local markets to come!

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