3rd Look at Local Housing Markets in July, Sales Down Sharply

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in July, Sales Down Sharply

A brief excerpt: The big story for July existing home sales is the sharp year-over-year (YoY) decline in sales. Another key story is that new listings are down YoY in July. Of course, active listings are up sharply.
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Last month, all local markets I track were down 15.9% YoY, NSA. This appears to be another step down in sales, although there was one less selling day in July this year than in July 2021.

Here is a table comparing the year-over-year Not Seasonally Adjusted (NSA) declines in sales this year from the National Association of Realtors® (NAR) with the local markets I track. So far, these measures have tracked closely, and the preliminary data below suggests a sharp decline in sales in July.

Sales in some of the hottest markets are down 30% or more YoY, whereas in other markets, sales are only down in the high teens YoY.
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More local markets to come!There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/