3rd Look at Local Housing Markets in September

Sales in Florida were Up Year-over-year in September due to Hurricane Ian in 2022

Note: The National Association of Realtors (NAR) is scheduled to release September existing home sales next week on Thursday, October 19th, at 10:00 AM ET. The consensus is the NAR will report sales of 3.94 million SAAR, down from 4.04 million in August. This would be a new cycle low, below the 4.00 million SAAR in January 2023.

This is the third look at local markets in September. 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 September were mostly for contracts signed in July and August. Since 30-year fixed mortgage rates were in the 6.8% range in July, and 7.1% in August, compared to the low-5% range the previous year, closed sales were down year-over-year in September.

Active Inventory in September

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

Inventory for these markets were down 4.7% YoY in August and are now down 2.2% YoY. It is likely inventory will be up YoY in a few months, but still at a historically low level (compared to pre-pandemic levels of inventory).

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 or Denver (included in state totals)

   

New Listings in September