Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in October
A brief excerpt: This is the second look at local markets in October. 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 October were mostly for contracts signed in August and September. Mortgage rates moved higher in September, and that impacted closed sales in October.
The further sharp increase in mortgage rates in October – with the 30-year mortgage over 7% – will impact closed sales in November and December.
In October, sales were down 29.2%. In September, these same markets were down 24.1% YoY Not Seasonally Adjusted (NSA).
Note that in October 2022, there were the same number of selling days as in October 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/