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Final Look at Local Housing Markets in February

by Calculated Risk on 3/21/2022 03:10:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in February

A brief excerpt:

This update adds Columbus, Illinois, Indiana, Maryland, Miami, New York, Pennsylvania, Phoenix, Rhode Island and Washington, D.C.

My view is that if the housing market starts slowing, it will show up in inventory first.

Here is a summary of active listings for these housing markets in February. Inventory was down 3.8% in February month-over-month (MoM) from January, and down 28.0% year-over-year (YoY).

It appears inventory has bottomed seasonally in some areas. Last month, these markets were down 30.5% YoY, so the YoY decline in February is smaller than in January. This isn’t indicating a slowing market, but maybe a few baby steps towards a more balanced market in some areas.

Notes for all tables:

1. New additions to table in BOLD.

2. Northwest (Seattle), North Texas (Dallas), and Santa Clara (San Jose), Jacksonville, Source: Northeast Florida Association of REALTORS(R)

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

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