A brief excerpt:
This is the third look at local markets in May. 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 May were mostly for contracts signed in March and April. Since 30-year fixed mortgage rates were in the 6% to 6.5% range in March and April – compared to the 4% to 5% range the previous year – closed sales were down significantly year-over-year in May.
In May, sales in these markets were down 16.3%. In April, these same markets were down 24.9% YoY Not Seasonally Adjusted (NSA).
This is a smaller YoY decline NSA than in April for these markets, however seasonally adjusted, it is closer. Another factor in the smaller YoY decline was that sales were steadily declining last year due to higher mortgage rates.
This data suggests the May existing home sales report will show another significant YoY decline and the 21st consecutive month with a YoY decline in sales.
More local markets to come!
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