A brief excerpt:
Note: The National Association of Realtors (NAR) is scheduled to release September existing home sales next week on Thursday, October 19th, at 10:00 AM ET. The consensus is the NAR will report sales of 3.94 million SAAR, down from 4.04 million in August. This would be a new cycle low, below the 4.00 million SAAR in January 2023.
This is the third look at 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.
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Here is a summary of active listings for these early reporting housing markets in September.
Inventory for these markets were down 4.7% YoY in August and are now down 2.2% YoY. It is likely inventory will be up YoY in a few months, but still at a historically low level (compared to pre-pandemic levels of inventory).
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More local markets to come!
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