1st Look at Local Housing Markets in October

Early Reporting Markets suggest some month-to-month increase in Sales in October, SAAR

This is the first look at several early reporting local markets in October. I’m tracking about 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 October were mostly for contracts signed in August and September. Since 30-year fixed mortgage rates were in the 7.1% in August and 7.2% in September, compared to the high-5% range the previous year, closed sales were down year-over-year in October.

For review on mortgage rates, here is a table of the Freddie Mac Primary Mortgage Market Survey® data (includes points, so lower than the rate with no points).

Active Inventory in October

Here is a summary of active listings for these early reporting housing markets in October.

Inventory surged in some of these markets last year, but that has changed.

For example, inventory in Denver was up 116% YoY in October 2022, and is now up only 3% YoY. And inventory in Las Vegas was up 150% YoY in October 2022, and is now down 44% YoY. That is a HUGE change.

Inventory for these markets were down 12.5% YoY in September and are now down 11.1% YoY.

Notes for all tables:

1. New additions to table in BOLD.

   

New Listings in October