Existing home sales down to 4.00 million SAAR in January; Median prices are down 13.2% from their peak in June 2022.

To Estimated risk per 21.02.2023 10:47:00

Today in the CalculatedRisk Real Estate newsletter: NAR: Existing home sales down to 4.00 million SAAR in January


For the prices NAR reported:

The median existing home price3 for all housing types was $359,000 in January, up 1.3% from $354,300 in January 2022, as prices rose in three of the four US regions and fell in the West. This means 131 consecutive months of growth compared to last year, which is the longest streak on record.

Average prices are skewed by the combination (repeat sales indices such as Case-Schiller and FHFA are probably better for measuring prices).

Existing home sales year on yearYoY median price change peaked at 25.2% in May 2021 and has now slowed to 1.3%. Note that the median price usually begins to fall seasonally in July, so the 2.0% decline in the median price in January was partly seasonal, however The 13.2% decline in the average price over the past seven months was much larger than the normal seasonal decline..

It is likely that the median price will soon decline from last year, followed by the Case-Schiller index..

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