Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in December
A brief excerpt: This is the first look at local markets in December. I’m tracking about 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 December were mostly for contracts signed in October and November. Since 30-year fixed mortgage rates were over 7% for most of October (no points) and averaged 6.8% in November (Freddie PMMS with points) closed sales were probably impacted significantly in December.
Median sales prices were unchanged year-over-year in Denver and Las Vegas, and up only 2% in San Diego.
In December, sales were down 47.6%. In November, these same markets were down 48.3% YoY Not Seasonally Adjusted (NSA).
Note that in December 2022, there were the same number of selling days as in December 2021, so the SA decline will be similar to the NSA decline. This is a similar YoY decline as in November for these early reporting markets. If national sales decline by the same percent as last month, the NAR will report sales for December under 4.0 million SAAR – below the 4.01 million in May 2020 (pandemic low) and the lowest sales rate since 2010.
Many more local markets to come!There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/