The housing market is cooling, both in terms of existing home sales YoY and median price YoY.
(Bloomberg) — Sales of previously owned U.S. homes fell to the weakest pace since November 2015, indicating that the housing market remained in a slowdown despite a drop in mortgage rates.
Contract closings decreased 1.2 percent in January from the prior month to an annual rate of 4.94 million, the National Association of Realtors said Thursday, below economists’ estimates for 5 million. The median sales price rose 2.8 percent from a year ago, the smallest increase since February 2012.
Is this a trend in median prices YoY for existing home sales?
Existing home sales YoY dropped 8.50% in January, continuing the cooling trend that started in 2017.