A brief excerpt:
Yesterday, housing economist Tom Lawler noted:
Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.33 million in April, down 2.5% from March’s preliminary pace and down 22.3% from last April’s seasonally adjusted pace.
The National Association of Realtors (NAR) is scheduled to release April existing home sales on Thursday, May 18, 2023, at 10:00 AM ET. The consensus is for 4.30 million SAAR.
…
In April, sales in these markets were down 24.7%. In March, these same markets were down 19.4% YoY Not Seasonally Adjusted (NSA).
This is a larger YoY decline NSA in April than in March for these markets, however there was one less selling day in April this year. This data suggests the April existing home sales report will show another significant YoY decline, and the 20th consecutive month with a YoY decline in sales.
Several more local markets to come next week!
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