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

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

This is the first look at a few early reporting local markets in February. 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 February were mostly for contracts signed in December and January when 30-year mortgage rates averaged 6.72% and 6.96%, respectively (Freddie Mac PMMS). This was an increase from the average rate for homes that closed in January, and up slightly from the average rate of 6.7% in December 2023 and January 2024.
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In February, sales in these markets were down 4.8% YoY. Last month, in January, these same markets were up 7.2% 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 was one fewer working day in February 2025 (19) as compared to February 2024 (20). So, the year-over-year change in the headline SA data will be above the change in the NSA data (there are other seasonal factors).
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This was just a few early reporting markets. Many more local markets to come!