JW

Hot Air Comes Out of Condo Prices, But Not House Prices ...

Sales of existing homes of all types – houses, condos, and co-ops – in November ticked up from October, but fell 2% from November last year, to a seasonally adjusted annual rate of 6.46 million homes, the fourth month in a row of year-over-year declines, amid tight supply, according to data from the National Association of Realtors today (historic data via YCharts): The median price of single-family houses, at $362,600, while down 2.0% from the peak in June, was still up 14.9% from a year ago. But the median price of condos, at $283,200, was down 8.9% from the peak in June, and up “only” 4.4% year-over-year, the slowest year-over-year increase since May and June 2020, as the heat is coming off the condo market.

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