Today, in the Calculated Risk Real Estate Newsletter: Final Look at Local Housing Markets in January and a Look Ahead to February 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 January.

The big story for January was that existing home sales increased year-over-year (YoY) for the fourth consecutive month following year-over-year declines every month since July 2021. However, sales in January, at 4.08 million on a seasonally adjusted annual rate basis (SAAR) were down from December and still historically low. Sales averaged almost 5.5 million SAAR in the January 2017-2020 period. So, sales were still about 25% below pre-pandemic levels.
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Here is a look at months-of-supply using NSA sales. Since this is NSA data, it is likely this is close to the seasonal low for months-of-supply.

Miami is off the charts!
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More local data coming in March for activity in February!

There is much more in the article.