Fourth, let’s look at the local housing market in May. Home sales in California fell 6% in May compared to the same period last year

by calculated risk June 18, 2024 01:28:00 PM

In today’s Calculated Risk Real Estate newsletter: Fourth, let’s look at the local housing market in May. Home sales in California fell 6% in May compared to the same period last year

Brief excerpt:

The National Association of Realtors (NAR) is scheduled to release existing home sales for May on Friday, June 21 at 10 a.m. The initial consensus was SAAR 4.1 million, down from SAAR 4.14 million in April and SAAR 4.23 million in May 2023.
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Sales in these markets decreased 0.8% in May compared to the same period last year. Last month, in April, the same market was up 7.1% year-over-year on a non-seasonally adjusted (NSA) basis. However, since April 2024 has two more business days than April 2023, taking seasonal factors into account, sales last month decreased compared to the same period last year.

Sales in both of these markets were down compared to May 2019.
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This is a slight year-over-year decline in NSA for that market. Since May 2024 has the same number of business days as May 2023, the year-over-year change in seasonally adjusted sales will be roughly the same as the NSA data suggests.
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More local markets coming!

There’s more in the article.