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First House Price Index goes Negative Year-over-year

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This is for asking prices of a “common” home.  Haus released their weekly Common Haus Price Index (CHPI) today showing a 0.2% decrease in asking house prices year-over-year.

From Common Haus Price Index (CHPI) at Haus: The weekly Common Haus Price Index Each week, Haus releases the Common Haus Price Index (CHPI), a home price index of asking prices for the most common American home: a three-bed, two-bath, 1,500-square-foot home built in 1977 on a quarter-acre lot.

Following a sharp increase in home prices during spring 2021, the cost of the most common home in America fell during June 2021, with prices holding steady into the beginning of 2022. For the week ending March 17, 2023, prices were up -0.2% year over year, and the price of the most common U.S. home was $352,497.As I mentioned this morning, it is possible that the NAR will report tomorrow that closing median prices were down year-over-year in February, although housing economist Tom Lawler expects the NAR to report prices up just over 1% in February.

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