A brief excerpt:
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local market data that is reported after the NAR. This is the final look at local markets in December.
I’ve added a comparison of active listings, new listings, and closings to the same month in 2019 (for markets with available data). This gives us a sense of the current low level of sales and inventory, and also shows some significant regional differences.
The big stories for December were that existing home sales were at a new cycle low on a seasonally adjusted annual rate basis (SAAR), and new listings were up YoY for the 3rd consecutive month!
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And a table of December sales.
In December, sales in these markets were down 8.0%. In November, these same markets were down 7.6% YoY Not Seasonally Adjusted (NSA).
Sales in almost all of these markets are down sharply compared to December 2019.
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It is possible sales will be up year-over-year in January since sales were reported at 4.00 million SAAR in January 2023. The comparison will be more difficult in February.More local data coming in February for activity in January!
There is much more in the article.