Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in January A brief excerpt:

NOTE: The tables for active listings, new listings and closed sales all include a comparison to January 2019 for each local market (some 2019 data is not available).

This is the first look at several early reporting local markets in January. I’m tracking over 40 local housing markets in the US. Some of the 40 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.

Closed sales in January were mostly for contracts signed in November and December when 30-year mortgage rates averaged 6.81% and 6.72%, respectively (Freddie Mac PMMS). This was an increase from the average rate for homes that closed in November, but down from the average rate of 7.1% in November and December 2023.
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In January, sales in these markets were up 6.4% YoY. Last month, in December, these same markets were up 17.1% year-over-year Not Seasonally Adjusted (NSA).

Note that most of these early reporting markets have shown stronger year-over-year sales than most other markets for the last several months.

Important: There were the same number of working days in January 2025 (21) as compared to January 2024 (21). So, the year-over-year change in the headline SA data will be similar to the NSA data (there are other seasonal factors).
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This was just several early reporting markets. Many more local markets to come!