Final Look at Local Housing Markets in November

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

A brief excerpt:

I’ve added a comparison of active listings, new listings, and closings to the same month in 2019 (for markets with available data). This gives us a sense of the current low level of sales and inventory, and also shows some significant regional differences.

The big stories for November were that existing home sales were just above the cycle low on a seasonally adjusted annual rate basis (SAAR), and new listings were up YoY for the 2nd consecutive month!

This table shows the YoY change in new listings since early 2023 for the sample I track. The YoY increase in November was due to a combination of new listings collapsing in the 2nd half of 2022, and new listings holding up more than normal seasonally this year (but still historically very low).

This is the slow season for new listings, but it is likely new listings will be up solidly YoY in 2024.
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More local data coming in January for activity in December!

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