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1st Look at Local Housing Markets in November

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

A brief excerpt: This is the first look at local markets in November. 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.

Closed sales in November were mostly for contracts signed in September and October. Mortgage rates moved higher in September, and 30-year mortgage rates were over 7% for most of October (no points), and that likely impacted closed sales in November and December.

In November, sales were down 45.7%. In October, these same markets were down 39.1% YoY Not Seasonally Adjusted (NSA).

Note that in November 2022, there were the same number of selling days as in November 2021, so the SA decline will be similar to the NSA decline. And this suggests another step down in sales!

Many more local markets to come!There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/

MBA: Mortgage Applications Decrease in Latest Weekly Survey

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