by Calculated Risk on 4/28/2025 11:26:00 AM
Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in March and a Look Ahead to April Sales
A brief excerpt:
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local market data that is reported after the NAR. This is the final look at local markets in March.
The big story for March was that existing home sales decreased year-over-year (YoY) for the 2nd consecutive month following four consecutive months with a year-over-year increase. Sales at 4.02 million on a Seasonally Adjusted Annual Rate (SAAR) basis were below the consensus estimate; however, housing economist Tom Lawler’s estimate was very close (as usual).
Sales averaged close to 5.5 million SAAR for the month of March in the 2017-2019 period. So, sales are still about 27% below pre-pandemic levels.
Also, months-of-supply for March was above pre-pandemic levels for the period 2017-2019.
…Here is a look at months-of-supply using NSA sales. Since this is NSA data, it is likely months-of-supply will increase into the Summer.
Months in red will likely see 6+ months of supply this summer and might see price pressures. There is nothing magical about 6 months; some areas see price declines with less inventory, some more.
Note: This month, for months-of-supply, I broke out Miami (Miami-Dade) from the “Miami Area” this also includes Broward County and Palm Beach.
…
More local data coming in May for activity in April!
There is much more in the article.
