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Thursday, October 21, 2021

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


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.
Existing Home Sales 2020 vs 2021The 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