Median House Prices Declined in July; First Decline in 32 Months


by Calculated Risk on 8/26/2022 03:12:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Black Knight: Median House Prices Declined in July; First Decline in 32 Months

A brief excerpt:

Important caveats: In normal times, median house prices flatten or decline seasonally in the 2nd half of the year. So, a decline in July isn’t unusual.

Also, the median price is distorted by the mix of homes sold. The repeat sales indexes – like Case-Shiller and FHFA – are better measures of house price movements, but median prices can be a leading indicator of price changes.

From Andy Walden at Black Knight: Something Had to Give: Home Prices Down for First Time In 32 Months

Annual home price growth still clocked in at 14.3% – more than three times the long-run average – but most of that appreciation occurred in the last months of 2021 and earlier this year. Such strong annual growth rates can hide underlying weakness. Month-over-month data gives us a much clearer picture of just how much – and how quickly – the housing market has shifted.

The median home price fell by 0.77% in July, the largest single-month drop since January 2011. On a seasonally adjusted basis, July’s dip ranked among the 10 largest monthly declines on record, dating back more than 30 years.

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