on Estimated risk per 07/07/2022 10:05:00
Today in the Calculated Risk Real Estate newsletter: 1st look at local housing markets in June, sales plummeted
An excerpt from the letter:
From the Denver Metro Association of Realtors® (DMAR): Real Estate Market Trend Report DMAR
As end-of-month active inventories soar, the Denver Metro has set a new record for the average attached property price of $504,193. At the end of June 2021, there were 3,122 properties on the Denver Metro market. This amount has now almost doubled in a year and there are currently 6,057 properties on the market. … “The increase in supply will ultimately affect prices, MLS days, and buyer-seller relationships that have negatively impacted buyer purchasing power,” commented Andrew Abrams, Chairman of the DMAR and Metro Denver Realtor® Market Trends Committee. “The stock market, inflation and cryptocurrencies have been hit hard over the past few months. Housing will eventually become a victim for the economy as a whole, but how much remains to be seen. It is quite realistic to see MLS days, currently at an all-time low of four, increase in the coming months.”
… And a table of June sales. Sales in these regions were down 23.4% on a seasonally adjusted (NSA) basis. Sales contracts in June were mostly concluded in April and May, when mortgage rates were lower than in June.
Notes for all tables:
1) New additions to the table are in BOLD.
2) Northwest (Seattle) and Santa Clara (San Jose)
There is much more in the article. You can subscribe to https://calculatedrisk.substack.com/