by Calculated Risk on 6/30/2024 02:05:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in May and a Look Ahead to June Sales

A brief excerpt:

In May, sales in these markets were down 0.1% YoY. In April, these same markets were up 7.6% year-over-year Not Seasonally Adjusted (NSA).

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

This was a 0.1% year-over-year decrease NSA for these markets. This is close to the 1.0% year-over-year decline NSA reported by the NAR reported by the NAR.

June sales will be mostly for contracts signed in April and May, and mortgage rates increased slightly to an average of 7.06% in May. My early expectation is we will see existing home sales at above the same level in June as compared to May, on a seasonally adjusted annual rate basis (SAAR).

Note for next month (June sales): 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.

There is much more in the article.