Early Read on Existing Home Sales in February

by Calculated Threat on 3/17/2023 01:12:00 PM

At this time, within the Calculated Threat Actual Property Publication:
Lawler: Early Learn on Current Dwelling Gross sales in February
third Have a look at Native Housing Markets in February

A quick excerpt:

That is the third have a look at native markets in February. I’m monitoring about 40 native housing markets within the US. Among the 40 markets are states, and a few are metropolitan areas. I’ll replace these tables all through the month as further knowledge is launched.

California doesn’t report month-to-month stock numbers, however they do report the change in months of stock. Right here is the press launch from the California Affiliation of Realtors® (C.A.R.): Extra favorable rates of interest perk up California dwelling gross sales for third straight month in February, C.A.R. reviews

• Current, single-family dwelling gross sales totaled 284,010 in February on a seasonally adjusted annualized price, up 17.6 p.c from January and down 33.2 p.c from February 2022.

• February’s statewide median dwelling worth was $735,480, down 2.1 p.c from January and down 4.8 p.c from February 2022.

In February, gross sales in these markets had been down 23.7%. In January, these similar markets had been down 34.1% YoY Not Seasonally Adjusted (NSA).

It is a considerably smaller YoY decline NSA than in January for these early reporting markets.

This knowledge suggests NAR reported gross sales will rebound in February. This can nonetheless be a big YoY decline, and the 18th consecutive month with a YoY decline.

Extra native markets to return!

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