by Calculated Risk on 8/21/2025 10:50:00 AM
Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Increased to 4.01 million SAAR in July; Up 0.8% YoY
Excerpt:
On prices, the NAR reported:
• $422,400: Median existing-home price for all housing types, up 0.2% from one year ago ($421,400) – the 25th consecutive month of year-over-year price increases.
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% for this cycle in May 2021 and bottomed at -3.0% in May 2023. Prices are now up 0.2% YoY.
On a month-over-month basis, median prices decreased 2.4% from the peak in June. This is more than the normal seasonal decrease in the median price for July. Typically, the NAR median price increases in the Spring, and tends to peak seasonally in the June report. The median price will likely decline until early 2026.
The median price tends to lead the Case-Shiller index, and this suggests a lower YoY increase in the Case-Shiller index as in May over the next couple of months.
The YoY change in the median price peaked at 25.2% for this cycle in May 2021 and bottomed at -3.0% in May 2023. Prices are now up 0.2% YoY.There is much more in the article.
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