3rd Look at Local Housing Markets in February
As we delve deeper into the intricacies of the real estate sector, focusing on local housing markets across the United States becomes increasingly pertinent. With a wide-ranging overview of around 40 local markets, which encompasses both states and metropolitan areas, our aim is to furnish readers with a granular look at the dynamics shaping real estate in February. This analysis extends to a myriad of markers, including active listings, new listings, and closed sales, providing a comparative lens with data from February 2019, where available.
The broad narrative of February’s housing market is tied closely to the performance observed in the contracts signed during the preceding months of December and January. During this period, 30-year mortgage rates were noted at 6.82% and 6.64%, respectively. This observation marks a decline from the higher mortgage rates experienced in the period stretching from August through November, which were above 7%.
Among the markets observed, there was a notable increase in closed sales in February, rising by 1.4% on a year-over-year basis. This follows a slightly higher growth of 2.4% in January (year-over-year) when assessing the same markets without seasonal adjustments. Nonetheless, a comparison with February 2019 indicates that sales volume in most of these locales has experienced a downturn.
As we continue to chart the evolving landscape of the housing market, February offers a mixture of trends, with certain areas witnessing an upturn in activities, while others grapple with challenges reminiscent of past years. The depth of our analysis acknowledges the multifaceted nature of real estate, recognizing that shifts in mortgage rates, along with other economic indicators, play a significant role in determining market vitality.
Stay tuned as we extend our coverage to more local markets, promising a more comprehensive understanding that not only highlights current market conditions but also situates them within a broader historical context. This ongoing series aims to equip stakeholders with the insights needed to navigate the complexities of today’s housing market, ensuring informed decision-making grounded in thorough analysis.
