Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in September, California Sales off 30% YoY
A brief excerpt: California doesn’t report monthly inventory numbers, but they do report the change in months of inventory. Here is the press release from the California Association of Realtors® (C.A.R.): Rising interest rates depress September home sales and prices, C.A.R. reportsSeptember’s sales pace was down 2.5 percent on a monthly basis from 313,540 in August and down 30.2 percent from a year ago …
The statewide median home price continued to increase on a year-over-year basis in September, but the growth rate remained very mild compared to those observed earlier this year. At an increase of 1.6 percent year-over-year, September marked the fourth consecutive month with a single-digit annual increase. … With closed sales dropping more than 25 percent and pending sales falling over 40 percent, active listings have been staying on the market significantly longer, which contributed to a surge in for-sale properties by 51.5 percent in September.
In September, sales were down 24.0% YoY Not Seasonally Adjusted (NSA) for these markets.
NOTE: Housing economist Tom Lawler expects the NAR to report sales of 4.82 million SAAR for September (the NAR reports this coming Thursday).!
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