by Mish Shedlock, Mish Talk:
The median and average new home price have fallen a record amount since April 2022.
Median Home Price Details
- April Median: $457,000
- June Median: $402,400
- 11.95 Percent Decline
Average Home Price Details
- April Average: $569,300
- June Average: $456,800
- 19.76 Percent Decline
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Median and Average New Home Price Since 1963
Home price data via St. Louis Fed, chart by Mish
It seems things have gotten more than a bit exuberant since Nixon closed the gold window.
The size and features of a new home are certainly much better than 1963. But let’s discuss the last two years.
The pre-pandemic average price was 386,200. The pre-pandemic median price was 331,800.
Median Home Price Pre-Pandemic to Peak
- February 2020 Median: $331,800
- April 2022 Peak: Median: $457,000
- Pre-Pandemic to Peak: 26.02 Percent
Average Home Price Pre-Pandemic to Peak
- February 2020 Average: $386,200
- April 2022 Peak: Average: $569,300
- Pre-Pandemic to Peak: 47.41 Percent
How much more home did one get in April of 2022 vs February of 2020?
Not to worry, home prices do not constitute inflation.
Hello Recession Deniers, It’s Already Time to Ponder a Third Quarter of Negative GDP
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