A brief excerpt:
This is the first look at several early reporting local markets in September. 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 September were mostly for contracts signed in July and August. Since 30-year fixed mortgage rates were in the 6.8% range in July, and 7.1% in August, compared to the low-5% range the previous year, closed sales were down year-over-year in September.
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Here is a summary of active listings for these early reporting housing markets in September.
Inventory surged in some of these markets last year, but that has changed.
For example, inventory in Denver was up 93% YoY in September 2022, and is now down 1% YoY. And inventory in Las Vegas was up 144% YoY in September 2022, and is now down 49% YoY. That is a HUGE change.
Inventory for these markets were down 16% YoY in August and are now down 12.5% YoY.
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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/