1st Look at Local Housing Markets in April

Details

Created: Tuesday, 07 May 2024 15:57

Written by Calculated Risk

include a comparison to April 2019 for each local market (some 2019 data is not available).

This is the first look at several early reporting local markets in April. 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 April were mostly for contracts signed in February and March when 30-year mortgage rates averaged 6.78% and 6.82%, respectively (Freddie Mac PMMS). This is down from the 7%+ mortgage rates in the August through November period (although rates are now back above 7% again)..
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In April, sales in these markets were up 10.2% YoY. In March, these same markets were down 9.4% year-over-year Not Seasonally Adjusted (NSA).

Sales in most of these markets are down compared to January 2019. Sales in Nashville are up compared to 2019.
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This is a year-over-year increase NSA for these early reporting markets. However, there were two more working days in April 2024 compared to April 2023, so sales Seasonally Adjusted will be lower year-over-year than Not Seasonally Adjusted sales.
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This was just a few early reporting markets. Many more local markets to come!