- by New Deal democrat
Existing home sales fell to 4.62 million annualized in January, the lowest number since July 2012 (seasonally adjusted). Median prices also fell, but these are very seasonal, and need to be compared YoY.
While the median price for an existing home is more than 20% higher than it was in January 2012, as a multiple of the average wage the median price is no higher than it was in 1999 or 2000.
This was not unexpected, and is further evidence of a housing slowdown. More later with a few graphs.