Today, in the Calculated Risk Real Estate Newsletter: Median vs Repeat Sales Index House Prices
Excerpt:
Back in October, I wrote The Coming Deceleration in House Price Growth. In that post, I noted that the median prices (as reported by the National Association of Realtors® (NAR) was showing a slowdown in year-over-year (YoY) house price growth.
In October … the YoY growth in median prices started falling – and I expected Case-Shiller to follow.
Here is the same graph through the most recent reports.Sure enough, the YoY growth in the Case-Shiller started to decelerate.
However, median prices have picked up over the last three months – so there isn’t evidence of a sharp decline in the YOY growth.
If there is a slowdown in house price growth, we should expect to see it in median prices first.
