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March Existing Home Sales Forecast and 4th Look at Local Housing Markets

by Calculated Risk on 4/19/2022 12:23:00 PM

Today, in the Calculated Risk Real Estate Newsletter: March Existing Home Sales Forecast and 4th Look at Local Housing Markets

A brief excerpt:

Lawler forecast; Adding Boston, California, Memphis, Minneapolis, Phoenix, and Rhode Island

California Home Sales, Prices and Inventory in March

California doesn’t report monthly sales or inventory, but here is the press release from the California Association of Realtors(R) (C.A.R.): California home sales tick higher in March as statewide median price sets another all-time high, C.A.R. reports

Active listings in March climbed to the highest level in five months and posted the first year-over-year gain since June 2019. Newly added listings in March also increased for the first time in nine months, reaching the highest level since August 2021. The month-to-month increase of 37.7 percent in newly added listings was also the highest since May 2020.

Active Inventory in March

Here is a summary of active listings for these housing markets in March. Note: Inventory usually increases seasonally in March, so the month-over-month (MoM) increase is not surprising.

Inventory was up 9.5% in March MoM from February, and down 15.1% YoY. Inventory in about a third of these markets was already up YoY.

It appears inventory bottomed in February. Last month, these markets were down 23.7% YoY, so this is a significant change from February. This is the first step towards a more balanced market, but inventory levels are still very low.

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 or Denver (included in state totals).

There is much more in the article.

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