Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in March
A brief excerpt: This is the first look at local markets in March. 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 March were mostly for contracts signed in January and February. Since 30-year fixed mortgage rates were over 6% for all of January and February – compared to 4% range the previous year – closed sales were down significantly year-over-year in March. However, the impact was probably not as severe as for closed sales in December and January (rates were the highest in October and November 2022 when contracts were signed for closing in December and January).
Median sales prices for single family homes were down 7.6% year-over year (YoY) in Las Vegas, down 7.5% in the Northwest, and down 6.3% YoY in Denver.
In March, sales in these markets were down 26.5%. In February, these same markets were down 24.3% YoY Not Seasonally Adjusted (NSA).
This is a slightly larger YoY decline NSA than in February for these early reporting markets. The March existing home sales report will show another significant YoY decline, and the 19th consecutive month with a YoY decline in sales.
This was a just a few early reporting markets. Many more local markets to come!There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/