Last week, in the CalculatedRisk Real Estate Newsletter on March existing home sales, NAR: Existing-Home Sales Decreased to 4.44 million SAAR in March; Median Prices Declined 0.9% YoY, I noted that median prices were down year-over-year (median prices are distorted by the mix).
Seasonally prices typically peak in June (closed sales are mostly for contracts signed in April and May).
And seasonally prices usually bottom the following January (contracts signed in November and December).
Jan to Mar3.7%4.1%5.4%7.5%7.1%4.0%
Mar to Jun9.6%9.9%4.9%12.4%9.1%NA
Jan to Jun13.7%14.4%10.6%20.8%16.8%NA
Jun to Dec-7.0%-3.8%5.0%-2.2%-11.4%NA
The 2023 increase in median prices from January to March was about the same as in 2018 and 2019.