We are also seeing a sharp decline in closings in June, and this might be due to buyers cancelling escrow because of the increase in mortgage rates. Here is a table comparing the year-over-year Not Seasonally Adjusted (NSA) declines in sales this year from the National Association of Realtors(R) (NAR) with the local markets I track. So far, these measures have tracked closely, and the preliminary data below suggests a sharp decline in sales in June.

On cancellations, Lily Katz and Ben Walzer at Redfin wrote yesterday: The Deal Is Off: Home Sales Are Getting Canceled at the Highest Rate Since the Start of the Pandemic