“For many [home] sellers, it likely feels like the rug has been pulled out from underneath them”

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Today, in the Calculated Risk Real Estate Newsletter: "For many [home] sellers, it likely feels like the rug has been pulled out from underneath them"

A brief excerpt:

A few early reporting markets …

This is the first look at local markets in September. 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.
…
From Denver Metro Association of Realtors® (DMAR): DMAR Real Estate Market Trends Report

Using months of inventory as a metric indicates that Denver Metro is moving toward a balanced market. … However, for many sellers, it likely feels like the rug has been pulled out from underneath them.

In September, sales were down 33.1%. In August, these same markets were down 32.4% YoY Not Seasonally Adjusted (NSA).

Note that in September 2022, there were the same number of selling days as in September 2021, so the SA decline will be similar to the NSA decline. Last month, in August 2022, there was one more selling day than in August 2021 – so seasonally adjusted, the decline in sales in August was larger than in September for these markets.

Many more local markets to come!

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/

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