1st Look at Local Housing Markets in November; Another Year-over-year Sales Gain in November

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

A brief excerpt:

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

This is the first look at several early reporting local markets in October. 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 October were mostly for contracts signed in September and October when 30-year mortgage rates averaged 6.18% and 6.43%, respectively (Freddie Mac PMMS). These were the lowest mortgage rate in 2 years!
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In November, sales in these markets were up 17.0% YoY. Last month, in October, these same markets were up 15.7% year-over-year Not Seasonally Adjusted (NSA).

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

Important: There was one fewer working day in November 2024 (19) as compared to November 2023 (20). So, the year-over-year change in the headline SA data will better than the NSA data suggests (there are other seasonal factors).

Last month, there was one more working day in October 2024 (22) as in October 2023 (21), so seasonally adjusted sales were not as strong year-over-year as NSA sales.
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This was just several early reporting markets. Many more local markets to come!

There is much more in the article.