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Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 4.43 million SAAR in October
Excerpt: On prices, the NAR reported: The median existing-home price for all housing types in October was $379,100, a gain of 6.6% from October 2021 ($355,700), as prices rose in all regions. This marks 128 consecutive months of year-over-year increases, the longest-running streak 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 has now slowed to 6.6%. The YoY increase in October was the lowest since June 2020. Note that the median price usually starts falling seasonally in July, so the 1.1% decline in October in the median price was partially seasonal, however the 8.4% decline over the last four months has been much larger than the usual seasonal decline.
It is likely the median price will be down year-over-year in a few months.There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/ (Most content is available for free, so please subscribe).
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