by calculated risk December 6, 2024 11:33:00 AM
In today’s Calculated Risk Real Estate newsletter: Let’s take a first look at the local housing market in November.
Brief excerpt:
Note: Tables for active listings, new listings, and closed sales all include comparisons to November 2019 for each local market (not all 2019 data is available).
This is our first look at several regional markets that were initially reported in October. I track housing markets in over 40 regions across the United States. Of the 40 markets, some are states and some are metropolitan areas. We will update this table throughout the month as additional data becomes available.
Most October closed sales were for contracts signed in September and October, when 30-year mortgage rates averaged 6.18% and 6.43% (Freddie Mac PMMS). This was the lowest mortgage rate in two years!
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Sales in these markets in November increased 17.0% compared to the same period last year. Last month, in October, the same market was up 15.7% year-over-year on a non-seasonally adjusted (NSA) basis.Most of these initially reporting markets have (over the past few months) shown higher year-over-year sales than most others.
Important: November 2024 (19) had one fewer business day than November 2023 (20). Therefore, the annual change in the headline SA data will be better than the NSA data suggests (subject to other seasonal factors).
Last month, there were one more business day in October 2024 (22) than in October 2023 (21), so seasonally adjusted sales were not as strong year-over-year as NSA sales.
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These were just a few early reporting markets. More local markets to come!
There’s more in the article.
