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