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

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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
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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® (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.

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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®

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

There is much more in the article. 

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