by Calculated Risk on 1/08/2025 01:02:00 PM

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

A brief excerpt:

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

This is the first look at several early reporting local markets in December. 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 December were mostly for contracts signed in October and November when 30-year mortgage rates averaged 6.43% and 6.81%, respectively (Freddie Mac PMMS). This was an increase from the average rate for homes that closed in November, but down from the average rate of 7.5% in October and November 2023.
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In December, sales in these markets were up 18.1% YoY. Last month, in November, these same markets were up 17.6% year-over-year Not Seasonally Adjusted (NSA).

Note that most of these early reporting markets have shown stronger year-over-year sales than most markets (for the last several months).

Important: There was one more working day in December 2024 (21) as compared to December 2023 (20). So, the year-over-year change in the headline SA data will less than the NSA data suggests (there are other seasonal factors).
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This was just several early reporting markets. Many more local markets to come!

There is much more in the article.