1st Look at Local Housing Markets in November with Comparison to 2019

by Calculated Risk on 12/06/2023 01:31:00 PM

Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in November with Comparison to 2019

A brief excerpt:

NOTE: The tables for active listings, new listings and closed sales all include a comparison to November 2019 for each local market (some 2019 data is not available).

This is the first look at several early reporting local markets in November. I’m tracking about 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 November were mostly for contracts signed in September and October. Since 30-year fixed mortgage rates were in the 7.2% in September, and 7.6% in October, compared to the mid-6% range the previous year, closed sales were down year-over-year in November.

Active InventoryHere is a summary of active listings for these early reporting housing markets in November.

There are significant regional differences when comparing to 2019 levels. For example, inventory is up in San Diego compared to November 2019, and down sharply in Las Vegas.

Inventory for these markets were down 10.9% YoY in November and are now down 4.5% YoY.

This was just several early reporting markets. Many more local markets to come!

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/

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