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Median House Price Growth Decelerated for Fourth Consecutive Month

October 22, 2021177 views0

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

Excerpt:

On prices, the NAR reported:

The median existing-home price for all housing types in September was $352,800, up 13.3% from September 2020 ($311,500), as prices rose in each region.

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

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