3rd Look at Local Housing Markets in November
"Median home prices in the Austin-Round Rock MSA experienced a 0% year over year increase"
First, a few excerpts from the Austin Board of Realtors® November release:
For the first time since February 2019, median home prices in the Austin-Round Rock MSA experienced a 0% year over year increase, according to the Austin Board of REALTORS® November 2022 Central Texas Housing Market Report.
… housing inventory almost quadrupled to 3.1 months of inventory year over year for the Austin-Round Rock MSA
emphasis added
This is the third 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.
Active Inventory in November
Here is a summary of active listings for these housing markets in November.
Inventory in these markets were down 31% YoY in January and are now up 66% YoY! So, this is a significant change from earlier this year, and a larger YoY inventory increase than in October (up 58% YoY).
Notes for all tables:
New additions to table in BOLD.
Northwest (Seattle), Santa Clara (San Jose), Jacksonville, Source: Northeast Florida Association of REALTORS®
Totals do not include Atlanta, Denver or Minneapolis (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 18.5% 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 18.2% YoY.
Closed Sales in November
And a table of November sales.
In November, sales were down 37.9%. In October, these same markets were down 29.3% YoY Not Seasonally Adjusted (NSA).
Note that in November 2022, there were the same number of selling days as in November 2021, so the SA decline will be similar to the NSA decline. And this suggests another significant step down in sales in November!
Many more local markets to come!