A brief excerpt:
NOTE: The tables for active listings, new listings and closed sales all include a comparison to August 2019 for each local market (some 2019 data is not available).
This is the first look at several early reporting local markets in August. I’m tracking over 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 August were mostly for contracts signed in June and July when 30-year mortgage rates averaged 6.92% and 6.85%, respectively (Freddie Mac PMMS).
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In August, sales in these markets were up 6.6% YoY. Last month, in July, these same markets were up 5.8% year-over-year Not Seasonally Adjusted (NSA).
Important: There was one fewer working day in August 2024 compared to August 2023 (22 vs 23), so seasonally adjusted sales up be up more than NSA sales. Last month, in July 2024, there were two more working days compared to July 2023 (22 vs 20), so seasonally adjusted sales were lower than the NSA data suggests.
Sales in all of these markets are down significantly compared to July 2019.
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This was just a several early reporting markets. Many more local markets to come!
There is much more in the article.