By by Calculated Risk on 7/28/2022 01:14:00 PM
Today, in the Calculated Risk Real Estate Newsletter: Median vs Repeat Sales Index House Prices
Excerpt:
But even the median price is lagged. For example, the recently released June report was mostly for contracts signed in April and May.
Here is a graph comparing the YoY change in the NAR median prices vs the Case-Shiller National Index:
The YoY change in the median price peaked at 25.2% in May 2021 and slowed to 13.3% in June (still very strong increase in YoY prices). The median price is not seasonally adjusted, and typically declines in July, and I expect a larger than normal decline this July.
In general, the median price leads the Case-Shiller index, and I expect the Case-Shiller to show significantly slower YoY growth over the next several months.
