2nd Look at Local Housing Markets in March

The Year-over-year Sales Decline in March will likely be similar to February NSA

This is the second look at local markets in March. 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 March were mostly for contracts signed in January and February. Since 30-year fixed mortgage rates were over 6% for all of January and February - compared to 4% range the previous year - closed sales were down significantly year-over-year in March. However, the impact was probably not as severe as for closed sales in December and January (rates were the highest in October and November 2022 when contracts were signed for closing in December and January).

Median sales prices for single family homes were down 2.2% year-over year (YoY) in northeast Florida (Jacksonville), and unchanged YoY in Georgia.

Active Inventory in March

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

Inventory in these markets were down 8% YoY in March 2022 and are now up 85% YoY! So, this is a significant change from early 2022, although this is a much smaller YoY inventory increase than in February (up 98% 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 (included in state totals)

   

New Listings in March

And here is a table for new listings in March (some areas don’t report new listings). For these areas, new listings were down 16.8% 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 also down 16.8% YoY. Note that the Jacksonville area continues to be an outlier with new listings up YoY.

Closed Sales in March

And a table of March sales.

In March, sales in these markets were down 21.0%. In February, these same markets were down 21.9% YoY Not Seasonally Adjusted (NSA).

This is a similar YoY decline NSA as in February for these markets. The March existing home sales report will show another significant YoY decline, and the 19th consecutive month with a YoY decline in sales.

Many more local markets to come!