More analysis on existing home sales for the month of October

by calculated risks 11/18/2022 11:41:00 AM

Today, in CalculatedRisk’s real estate newsletter: NAR: Existing home sales fell to SAR 4.43 million in October

Excerpts:

About pricing, NAR reported:

The median existing home price for all housing types in October was $379,100, up 6.6% from October 2021 ($355,700), as prices increased across all regions. This represents 128 consecutive months of year-over-year increases, the longest streak ever recorded.

Median prices are distorted by this combination (frequent sales indices like Case-Shiller and FHFA are probably better for gauging prices).

The annual change in average price peaked at 25.2% in May 2021 and has now slowed to 6.6%. The year-over-year increase in October was the lowest since June 2020. Note that the average price usually starts to decline seasonally in July, so the 1.1% drop in October in the average price was partly seasonal, however The decline of 8.4% over the past four months was much larger than the typical seasonal decline.

The average price will probably go down year-over-year in a few months.

There is a lot in the article. You can sign up at https://calculatedrisk.substack.com/ (most of the content is available for free, so please subscribe).

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