Median House Price Growth Decelerated for Fourth Consecutive Month
by Calculated Risk on 10/21/2021 10:57:00 AM
Today, in the Newsletter: Existing-Home Sales Increased to 6.29 million in September
Median prices are distorted by the mix (repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices), but this is the fourth consecutive month with a deceleration in the median price. The NAR reported median prices were up 23.6% YoY in May, 23.4% in June, 17.8% in July, 14.9% in August and 13.3% in September. This deceleration will probably show up in Case-Shiller and the FHFA indexes very soon.
The graph shows existing home sales by month for 2020 and 2021.
This was the second month this year with sales down year-over-year. This should continue through the rest of the year, since sales averaged 6.7million SAAR over the last three months of 2020. emphasis added