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07/21/2023
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 second quarter of the year. Spring is when activity normally picks up, as should prices, but the latter fell 0.9% vs. last year’s record high. The market has hit a bit of a wall on the sales side with rising mortgage rates and affordability issues, so sales fell 18.9% year-on-year to 4.16 million (annualized), according to the NAR.
The following is the national median home price (all types).
2023
Apr. …$385,900
May …$396,400
June …$410,200 (preliminary)
2022
Apr. …$395,500
May …$408,400
June …$413,800
2021
Apr. …$340,600
May …$350,400
June …$366,900
2020
Apr. …$286,700
May …$283,600
June …$294,400
2019
Apr. ...$266,900
May ...$278,200
June ...$285,400
2018
Apr. ...$257,900
May ...$265,100
June ...$273,800
2017
Apr. ...$245,000
May ...$252,500
June ...$263,300
2016
Apr. ...$230,900
May ...$238,900
June ...$247,600
2015
Apr. ...$218,700
May ...$228,900
June ...$236,300
2014
Apr. ...$201,500
May ...$212,000
June ...$222,000
2013
Apr. ...$191,800
May ...$203,100
June ...$214,000
2012
Apr. …$173,700
May …$180,300
June …$188,800
2011
Apr. …$161,100
May …$169,300
June …$175,600
2010
Apr. …$172,300
May …$174,600
June …$182,900
2009
Apr. …$166,500
May …$174,800
June …$181,800
Using the NAR’s data, the median average for a full year is 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…$233,800
2017…$247,200
2018…$259,300
2019…$271,900
2020…$296,700
2021…$350,700
2022…$386,400
*Existing home prices first 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, after the summer of ‘06, before the big rebound. Today, we are up to $413,800.
Source: realtor.org
Wall Street History will return in a few weeks.
Brian Trumbore