Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in July
A brief excerpt: This is the first look at local markets in July. I’m tracking about 35 local housing markets in the US. Some of the 35 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
We are seeing a significant change in inventory, but no pickup in new listings. Most of the increase in inventory so far has been due to softer demand – likely because of higher mortgage rates.
And a table of July sales. Sales in these areas were down 32.4% YoY, Not Seasonally Adjusted (NSA). Contracts for sales in July were mostly signed in May and June, and we are seeing the impact of higher mortgage rates on July closings.
Last month, these six markets were down 21.3% YoY NSA, so there appears to have been a significant further sales decline in July (this is just a few early markets).
Much more to come! There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/