Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in April
A brief excerpt: California Home Sales Down 36.1% YoY in April, Median Prices Decline 7.8% YoY
Here is the press release from the California Association of Realtors® (C.A.R.): Higher mortgage rates and low housing inventory restrain California home sales in April, C.A.R. reports• Existing, single-family home sales totaled 267,880 in April on a seasonally adjusted annualized rate, down 4.7 percent from March and down 36.1 percent from April 2022.
• April’s statewide median home price was $815,340, up 3.0 percent from March and down 7.8 percent from April 2022. …And a table of April sales.
This was a larger YoY decline NSA in April than in March for these markets, however there was one less selling day in April this year.
My early expectation is we will see a somewhat similar level of sales in May as in April. 30-year mortgage rates averaged about 6.4% in February and March (for closed sales in April), and 30-year rates averaged 6.44% in March and April (about the same).
More local data coming in June for activity in May! There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/