3rd Look at Local Housing Markets in November, Another significant step down in sales!

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in November

A brief excerpt:

First, a few excerpts from the Austin Board of Realtors® November release:

For the first time since February 2019, median home prices in the Austin-Round Rock MSA experienced a 0% year over year increase, according to the Austin Board of REALTORS® November 2022 Central Texas Housing Market Report.

… housing inventory almost quadrupled to 3.1 months of inventory year over year for the Austin-Round Rock MSA
emphasis added

...
In November, sales were down 37.9%. In October, these same markets were down 29.3% YoY Not Seasonally Adjusted (NSA).

Note that in November 2022, there were the same number of selling days as in November 2021, so the SA decline will be similar to the NSA decline. And this suggests another significant step down in sales in November!
...
Many more local markets to come!

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