by Calculated Danger on 12/06/2024 11:33:00 AM
At present, within the Calculated Danger Actual Property E-newsletter: 1st Take a look at Native Housing Markets in November
A quick excerpt:
NOTE: The tables for lively listings, new listings and closed gross sales all embrace a comparability to November 2019 for every native market (some 2019 information just isn’t accessible).
That is the primary have a look at a number of early reporting native markets in October. I’m monitoring over 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 information is launched.
Closed gross sales in October had been principally for contracts signed in September and October when 30-year mortgage charges averaged 6.18% and 6.43%, respectively (Freddie Mac PMMS). These had been the bottom mortgage fee in 2 years!
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In November, gross sales in these markets had been up 17.0% YoY. Final month, in October, these similar markets had been up 15.7% year-over-year Not Seasonally Adjusted (NSA).Observe that almost all of those early reporting markets have proven stronger year-over-year gross sales than most different markets (for the final a number of months).
Essential: There was one fewer working day in November 2024 (19) as in comparison with November 2023 (20). So, the year-over-year change within the headline SA information will higher than the NSA information suggests (there are different seasonal components).
Final month, there was another working day in October 2024 (22) as in October 2023 (21), so seasonally adjusted gross sales weren’t as sturdy year-over-year as NSA gross sales.
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This was simply a number of early reporting markets. Many extra native markets to return!
There may be rather more within the article.
