by Calculated Threat on 2/13/2023 09:27:00 AM
At the moment, within the Calculated Threat Actual Property E-newsletter:
2nd Look at Local Housing Markets in January
A quick excerpt:
That is the second have a look at native markets in January. I’m monitoring about 40 native housing markets within the US. A few of the 40 markets are states, and a few are metropolitan areas. I’ll replace these tables all through the month as extra knowledge is launched.
Closed gross sales in January had been largely for contracts signed in November and December. Since 30-year mounted mortgage charges had been over 6% for all of November and December closed gross sales had been down considerably year-over-year in January, nonetheless, the influence was most likely not as extreme as for closed gross sales in December (charges had been the very best in October and November 2022 when contracts had been signed for closing in December).
And here’s a desk for brand new listings in January. For these areas, new listings had been down 9.2% YoY. Potential sellers which can be locked into their present properties with low mortgage charges has pushed down new listings.
Final month, new listings in these markets had been down 21.7% YoY. This can be a considerably smaller YoY decline in new listings, and one thing to look at. There are specific markets – like Georgia and Florida – the place new listings are up YoY!
Realtor.com is showing a a lot smaller YoY decline in new listings in January too.
Many extra native markets to come back!
There’s way more within the article. You possibly can subscribe at https://calculatedrisk.substack.com/