The nominal median sales price of houses sold has decreased by $2,400 quarter-over-quarter in January, reaching $420,800. This aligns with ongoing market trends indicating a cooling in housing prices.
- Quarter-over-quarter decline of $2,400 in nominal median sales price.
- Year-over-year decrease of 1.91% in nominal median sales price.
- National single-family housing inventory has increased by 37% year-over-year.
- Hundreds of thousands of new homes are still in the pipeline for completion.
Anticipated Trends and Ripple Effects:
- Future trajectory of median sales prices likely to depend on affordability concerns and interest rate movements.
- Continued challenges for buyers in purchasing homes could lead to further price adjustments.
- Potential impacts on related industries including construction, real estate, and mortgage lending.
Sources:
Median Sales Price of Houses Continues Decline
The nominal median sales price of houses sold, a key indicator of housing market trends, experienced a quarter-over-quarter decrease of $2,400 in January, bringing the current figure to $420,800.
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