by Calculated Risk on 3/21/2023 10:49:00 AM
Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Increased to 4.58 million SAAR in February; Median Prices Declined YoY
On prices, the NAR reported: The median existing-home price for all housing types in January was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West. This ends a streak of 131 consecutive months of year-over-year increases, the longest on record.Median prices are distorted by the mix (repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices).
The YoY change in the median price peaked at 25.2% in May 2021 and prices are now down 0.2% YoY. Median house prices increased 0.5% from January to February and have declined 12.3% from the peak in June 2022 (NSA).
It is likely the Case-Shiller index will be
Keep reading this article on Bill McBride - Calculedriskblog.