by Calculated Risk on 3/17/2025 12:41:00 PM
Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in February
A brief excerpt:
The NAR is scheduled to release February Existing Home sales on Thursday, March 20th at 10:00 AM. The consensus is for 3.92 million SAAR, down from 4.08 million in January. Last year, the NAR reported sales in February 2024 at 4.31 million SAAR.
NOTE: The tables for active listings, new listings and closed sales all include a comparison to February 2019 for each local market (some 2019 data is not available).
This is the third look at local markets in February. I’m tracking over 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
Closed sales in February were mostly for contracts signed in December and January when 30-year mortgage rates averaged 6.72% and 6.96%, respectively (Freddie Mac PMMS). This was an increase from the average rate for homes that closed in January, and up slightly from the average rate of 6.7% in December 2023 and January 2024.
…Here is a look at months-of-supply using NSA sales. Since this is NSA data, it is likely months-of-supply will increase into the Summer.
Months in red will likely see 6+ months of supply this summer and might see price pressures.
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More local markets to come!
There is much more in the article.
