Excerpt:
On prices, the NAR reported:
The median existing-home price for all housing types in March was $375,700, a decline of 0.9% from March 2022 ($379,300). Price climbed slightly in three regions but dropped in the West
Median prices are distorted by the mix (repeat sales indexes like Case-Shiller and FHFA are probably better for measuring prices).
The YoY change in the median price peaked at 25.2% in May 2021 and prices are now down 0.9% YoY. Median house prices increased 3.3% from February to March and have declined 9.2% from the peak in June 2022 (NSA).
It is likely the Case-Shiller index will be down soon year-over-year.
Note that closed sales in March were mostly for contracts signed in January and February. Mortgage rates, according to the Freddie Mac PMMS, were around 6.3% in January and February, and that provided a boost to closed sales in February and March compared to closed sales in December and January.
April sales will be for contracts signed in February and March, and mortgage rates averaged 6.5% in March and that might impact closed sales in April.
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