by Calculated Risk on 3/26/2025 10:18:00 AM
Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in February and a Look Ahead to March Sales
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 February.
The big story for February was that existing home sales decreased year-over-year (YoY) following four consecutive months with a year-over-year increase. Sales at 4.26 million on a Seasonally Adjusted Annual Rate (SAAR) basis were above the consensus estimate; however, this was primarily because of the seasonal adjustment for February. Housing economist Tom Lawler’s estimate was very close (as usual).
Sales averaged over 5.5 million SAAR for the month of February in the 2017-2020 period. So, sales were still about 23% below pre-pandemic levels.
…Here is a look at months-of-supply using NSA sales. Since this is NSA data, it is likely months-of-supply will increase into the Summer.
Months in red will likely see 6+ months of supply this summer and might see price pressures. There is nothing magical about 6 months; some areas see price declines with less inventory, some more.
Note: This month, for months-of-supply, I broke out Miami (Miami-Dade) from the “Miami Area” this also includes Broward County and Palm Beach.
…
More local data coming in April for activity in March!
There is much more in the article.
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