3rd Look at Local Housing Markets in August

Local Markets Suggest August Sales Close to the July Sales Rate

Note: The National Association of Realtors (NAR) is scheduled to release August existing home sales next week on Thursday, September 21st, at 10:00 AM ET. The consensus is the NAR will report sales of 4.10 million SAAR, up from 4.07 million in July.

This is the third look at local markets in August. I’m tracking a sample of 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 August were mostly for contracts signed in June and July. Since 30-year fixed mortgage rates were in the 6.7% range in June, and 6.8% in July, compared to the mid-5% range the previous year, closed sales were down year-over-year in August.

Active Inventory in August

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

Inventory for these markets is down 4.7% YoY, a slightly smaller YoY decline than in July.

Notes for all tables:

1. New additions to table in BOLD.

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

3. Totals do not include Atlanta, Denver and Minneapolis (included in state totals)

   

New Listings in August