by Calculated Risk on 3/17/2023 01:12:00 PM
Today, in the Calculated Risk Real Estate Newsletter:
Lawler: Early Read on Existing Home Sales in February 3rd Look at Local Housing Markets in February
A brief excerpt:
California doesn’t report monthly inventory numbers, but they do report the change in months of inventory. Here is the press release from the California Association of Realtors(R) (C.A.R.): More favorable interest rates perk up California home sales for third straight month in February, C.A.R. reports
o February’s statewide median home price was $735,480, down 2.1 percent from January and down 4.8 percent from February 2022.
…In February, sales in these markets were down 23.7%. In January, these same markets were down 34.1% YoY Not Seasonally Adjusted (NSA).
This is a significantly smaller YoY decline NSA than in January for these early reporting markets.
This data suggests NAR reported sales will rebound in February. This will still be a significant YoY decline, and the 18th consecutive month with a YoY decline.
More local markets to come!
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