2nd Look at Local Housing Markets in November

Another step down in sales in November

This is the second look at local markets in November. I’m tracking about 35 local housing markets in the US. Some of the 35 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.

Closed sales in November were mostly for contracts signed in September and October. Mortgage rates moved higher in September, and 30-year mortgage rates were over 7% for most of October (no points), and that likely impacted closed sales in November and December.

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 point rates).

Active Inventory in November

Here is a summary of active listings for these housing markets in November.

Inventory in these markets were down 35% YoY in January and are now up 87% YoY! So, this is a significant change from earlier this year, and a larger YoY inventory increase than in October (up 75% YoY).

Notes for all tables:

1. New additions to table in BOLD.

2. Northwest (Seattle), Santa Clara (San Jose), Jacksonville, Source: Northeast Florida Association of REALTORS®

3. Totals do not include Atlanta or Denver (included in state totals)

   

New Listings in November

And here is a table for new listings in November. For these areas, new listings were down 18.9% YoY. Potential sellers that are locked into their current homes with low mortgage rates has pushed down new listings.

Last month, new listings in these markets were down 17.6% YoY.

Closed Sales in November