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05/01/2023
Housing Update
Time for my quarterly update of the housing situation in the United States, using the National Association of Realtors’ (NAR) database for existing home prices.
This go ‘round we look at the first quarter of the year. Spring is here so activity picks up (normally), as should prices, but the latter is down 0.9% from a year ago, while sales declined 22.0% year-over-year, according to the NAR. The following is the national median home price on existing single-family homes.
2023
Jan. …..$361,200
Feb. ….$363,600
Mar. …$375,700 (preliminary)
2022
Jan. ….$350,000
Feb. ….$359,300
Mar. …$379,300
2021
Jan. ….$303,600
Feb. ….$310,700
Mar. …$326,300
2020
Jan. ….$266,200
Feb. ….$270,400
Mar. …$280,700
2019
Jan. ....$251,200
Feb. ....$252,000
Mar. ...$259,700
2018
Jan. ....$240,800
Feb. ....$240,900
Mar. ...$251,500
2017
Jan. ....$227,300
Feb. ....$228,200
Mar. ...$236,600
2016
Jan. ....$213,700
Feb. ....$212,100
Mar. ...$221,400
2015
Jan. ....$197,600
Feb. ....$201,900
Mar. ...$210,700
2014
Jan. ....$187,900
Feb. ....$188,300
Mar. ...$196,700
2013
Jan. ....$170,600
Feb. ....$173,200
Mar. ...$184,000
2012
Jan. ….$154,600
Feb. ….$155,600
Mar. …$164,800
2011
Jan. ….$157,900
Feb. ….$156,100
Mar. …$159,800
2010
Jan. ….$164,900
Feb. ….$164,600
Mar. …$169,500
2009
Jan. ….$164,700
Feb. ….$168,200
Mar. …$170,000
Using the NAR’s data, the median average for a full year was as follows.
2004…$185,200
2005…$219,600
2006…$221,900*
2007…$219,000
2008…$198,100
2009…$172,500
2010…$172,900
2011…$166,100
2012....$176,800
2013....$197,100
2014....$208,300
2015....$222,400
2016....$235,500
2017....$247,200
2018....$259,300
2019…$271,900
2020…$296,700
2021…$350,700
2022…$386,400
*Existing home prices peaked in July 2006 at $230,200, according to the NAR. You can play around with the numbers but generally you’re talking a ‘formal’ decline of 30%, peak to trough, nationally, before the big rebound. Today we are up to $413,800, but that was June 2022.
Inventory is at 2.6 months, up from 2.0 months in March 2022.
Source: realtor.org
Wall Street History will return in a few weeks.
Brian Trumbore