by Calculated Risk on 9/21/2022 10:51:00 AM
Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased Slightly to 4.80 million SAAR in August
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 7.7%. The YoY increase in August was smaller than in July (9.5%) and suggests the Case-Shiller index will slow sharply soon. Note that the median price usually starts falling seasonally in July, so the 2.4% decline from July to August in the median price was partially seasonal (but the decline over the last two months has been much larger than the usual decline).
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