3rd Look at Local Housing Markets in November

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

A brief excerpt:

The NAR is scheduled to release November Existing Home sales on Thursday, December 19th at 10:00 AM. The consensus is for 3.97 million SAAR, up from 3.96 million in October. Last year, the NAR reported sales in November 2023 at 3.91 million SAAR. This will be the second year-over-year gain since July 2021 (last month was the first).

This is the third look at local markets in November. 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. 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).

Closed sales in November 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 rates in 2 years!
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Here is a look at months-of-supply using NSA sales. Note the regional differences with more months-of-supply in the South, especially in Florida and Texas (although November statistics in Florida were likely still impacted by Hurricane Milton).
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More local markets to come!

There is much more in the article.