Part 1: Current State of the Housing Market; Overview for mid-November

Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-November

A brief excerpt:

The NAR reported sales were at a “seasonally adjusted annual rate of 3.96 million in September. Year-over-year, sales dropped 15.4% (down from 4.68 million in September 2022).” This was in line with the local markets I tracked for September.

This was a new cycle low for existing home sales.

Usually, house prices bottom after sales bottom, so a new cycle low for sales suggests likely further weakness for house prices in coming months. I’ll have more on this pattern.

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