A brief excerpt:
This is the first look at several early reporting local markets in October. 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 October were mostly for contracts signed in August and September. Since 30-year fixed mortgage rates were in the 7.1% in August and 7.2% in September, compared to the high-5% range the previous year, closed sales were down year-over-year in October.
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Here is a summary of active listings for these early reporting housing markets in October.
Inventory surged in some of these markets last year, but that has changed.
For example, inventory in Denver was up 116% YoY in October 2022, and is now up only 3% YoY. And inventory in Las Vegas was up 150% YoY in October 2022, and is now down 44% YoY. That is a HUGE change.
Inventory for these markets were down 12.5% YoY in September and are now down 11.1% YoY.
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This was just several early reporting markets. Many more local markets to come!
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