3rd Look at Local Housing Markets in September, California Sales off 30% YoY

by Calculated Risk on 10/18/2022 12:26:00 PM

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in September, California Sales off 30% YoY

A brief excerpt:

California doesn’t report monthly inventory numbers, but they do report the change in months of inventory. Here is the press release from the California Association of Realtors(R) (C.A.R.): Rising interest rates depress September home sales and prices, C.A.R. reports

September’s sales pace was down 2.5 percent on a monthly basis from 313,540 in August and down 30.2 percent from a year ago …

The statewide median home price continued to increase on a year-over-year basis in September, but the growth rate remained very mild compared to those observed earlier this year. At an increase of 1.6 percent year-over-year, September marked the fourth consecutive month with a single-digit annual increase. … With closed sales dropping more than 25 percent and pending sales falling over 40 percent, active listings have been staying on the market significantly longer, which contributed to a surge in for-sale properties by 51.5 percent in September.

In September, sales were down 24.0% YoY Not Seasonally Adjusted (NSA) for these markets.

NOTE: Housing economist Tom Lawler expects the NAR to report sales of 4.82 million SAAR for September (the NAR reports this coming Thursday).!

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/