2nd Local Housing Market Review in October

on Estimated risk per 14.11.2022 12:23:00

Today in the Calculated Risk Real Estate newsletter: 2nd Local Housing Market Review in October

Brief excerpt:

This is a second look at local markets in October. I track about 35 local housing markets in the US. Some of the 35 markets are owned by states and some by urban areas. I will update these tables throughout the month as more data become available.

Closed sales in October were mainly on contracts signed in August and September. Mortgage rates rose in September, which affected closed sales in October.

A further sharp increase in mortgage rates in October – with 30-year mortgages over 7% – will affect closed sales in November and December.

30-year mortgage 10-year treasuryIn October, sales fell 29.2%. In September, these same markets were down 24.1% on a seasonally adjusted (NSA) basis.

Note that October 2022 had the same number of selling days as October 2021, so the SA decline would be similar to the NSA decline. And that presupposes another step down in sales!

There are many more local markets ahead!

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