[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1a2z6yunszleu":3,"$ffeh0925h8cuz":42,"$f2emv3tus0uf1":46,"$fbwk2pqjjqsc7":50},{"item":4,"previous":30,"next":36},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":28,"updatedAt":29},15211,"what-you-need-to-know-about-home-price-news","What You Need To Know About Home Price News","\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">The \u003C\u002Fspan>\u003Cem style=\"color: rgb(33, 33, 33);\">National Association of Realtors\u003C\u002Fem>\u003Cspan style=\"color: rgb(33, 33, 33);\"> (NAR) will release its latest \u003C\u002Fspan>\u003Cem style=\"color: rgb(33, 33, 33);\">Existing Home Sales Report\u003C\u002Fem>\u003Cspan style=\"color: rgb(33, 33, 33);\"> tomorrow.\u003C\u002Fspan>\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230516\u002F20230517-what-you-need-to-know-about-home-price-news.jpg","\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">The \u003C\u002Fspan>\u003Cem style=\"color: rgb(33, 33, 33);\">National Association of Realtors\u003C\u002Fem>\u003Cspan style=\"color: rgb(33, 33, 33);\"> (NAR) will release its latest \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fhousing-statistics\u002Fexisting-home-sales\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">\u003Cem>Existing Home Sales Report\u003C\u002Fem>\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\"> tomorrow. The information it contains on \u003C\u002Fspan>\u003Ca href=\"\u002F2023\u002F05\u002F16\u002Fthe-worst-home-price-declines-are-behind-us\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">home prices\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\"> may cause some confusion and could even generate some troubling headlines. This all stems from the fact that NAR will report the median sales price, while other home price indices report \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fwww.investopedia.com\u002Fterms\u002Fr\u002Frepeatsales-method.asp\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">repeat sales prices\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\">. The vast majority of the repeat sales indices show prices are \u003C\u002Fspan>\u003Ca href=\"\u002F2023\u002F05\u002F12\u002Fthe-worst-home-price-declines-are-behind-us-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">starting to appreciate\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\"> again. But the median price reported on Thursday may tell a different story. \u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">Here’s why using the median home price as a gauge of what’s happening with home values isn’t ideal right now. \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Frealestate.wichita.edu\u002Fquestion\u002Fhpi-vs-median-price\u002F#:~:text=The%20median%20sale%20price%20measures,and%20half%20sold%20for%20less\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">According\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\"> to the \u003C\u002Fspan>\u003Cem style=\"color: rgb(33, 33, 33);\">Center for Real Estate Studies\u003C\u002Fem>\u003Cspan style=\"color: rgb(33, 33, 33);\"> at \u003C\u002Fspan>\u003Cem style=\"color: rgb(33, 33, 33);\">Wichita State University\u003C\u002Fem>\u003Cspan style=\"color: rgb(33, 33, 33);\">:\u003C\u002Fspan>\u003C\u002Fp>\u003Cblockquote>\u003Cem style=\"color: rgb(33, 33, 33);\">“The median sale price measures the ‘middle’ price of homes that sold, meaning that half of the homes sold for a higher price and half sold for less. While this is a good measure of the typical sale price, it is not very useful for measuring home price appreciation because it is affected by the ‘composition’ of homes that have sold.\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cblockquote>\u003Cstrong style=\"color: rgb(33, 33, 33);\">\u003Cem>For example, if more lower-priced homes have sold recently, the median sale price would decline (because the “middle” home is now a lower-priced home), even if the value of each individual home is rising.”\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fblockquote>\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">People \u003C\u002Fspan>\u003Ca href=\"\u002F2023\u002F05\u002F03\u002Fbuyer-activity-is-up-despite-higher-mortgage-rates\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">buy homes\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\"> based on their monthly mortgage payment, not the price of the house. When mortgage rates go up, they have to buy a less expensive home to keep the monthly expense \u003C\u002Fspan>\u003Ca href=\"\u002F2023\u002F04\u002F28\u002Fways-to-overcome-affordability-challenges-in-todays-housing-market-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">affordable\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\">. More ‘less-expensive’ houses are selling right now, and that’s causing the median price to decline. But that doesn’t mean any single house lost value. \u003C\u002Fspan>\u003C\u002Fp>\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">Even NAR, an organization that reports on median prices, acknowledges there are limitations to what this type of data can show you. NAR \u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fnewsroom\u002Fexisting-home-sales-slid-2-4-in-march\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">explains\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\">:\u003C\u002Fspan>\u003C\u002Fp>\u003Cblockquote>\u003Cem style=\"color: rgb(33, 33, 33);\">“Changes in the composition of sales can distort median price data.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">For clarification, here’s a simple explanation of \u003C\u002Fspan>\u003Cem style=\"color: rgb(33, 33, 33);\">median value\u003C\u002Fem>\u003Cspan style=\"color: rgb(33, 33, 33);\">:\u003C\u002Fspan>\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cspan style=\"color: rgb(33, 33, 33);\">You have three coins in your pocket. Line them up in ascending value (lowest to highest).\u003C\u002Fspan>\u003C\u002Fli>\u003Cli>\u003Cspan style=\"color: rgb(33, 33, 33);\">If you have one nickel and two dimes, the median value of the coins (the middle one) in your pocket is ten cents.\u003C\u002Fspan>\u003C\u002Fli>\u003Cli>\u003Cspan style=\"color: rgb(33, 33, 33);\">If you have two nickels and one dime, the median value of the coins in your pocket is now five cents.\u003C\u002Fspan>\u003C\u002Fli>\u003Cli>\u003Cspan style=\"color: rgb(33, 33, 33);\">In both cases, a nickel is still worth five cents and a dime is still worth ten cents. The value of each coin didn’t change.\u003C\u002Fspan>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">The same thing applies to today’s \u003C\u002Fspan>\u003Ca href=\"\u002F2023\u002F05\u002F09\u002Fwhy-todays-housing-market-is-not-about-to-crash\u002F\" rel=\"noopener noreferrer\" target=\"_blank\" style=\"color: blue;\">real estate market\u003C\u002Fa>\u003Cspan style=\"color: rgb(33, 33, 33);\">.\u003C\u002Fspan>\u003C\u002Fp>","\u003Cp>\u003Cspan style=\"color: rgb(33, 33, 33);\">Actual home values are going up in most markets. The median value reported tomorrow might tell a different story. For a more in-depth understanding of home price movements, let’s connect.\u003C\u002Fspan>\u003C\u002Fp>",false,[16,20,24],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},6,"For Sellers","sellers",{"id":25,"name":26,"slug":27},9,"Home Prices","home-prices","2023-05-17T10:30:00Z","2023-05-17T19:52:55Z",{"id":31,"slug":32,"title":33,"featuredImage":34,"publishedAt":35,"contentType":10,"isVideo":14},15208,"the-worst-home-price-declines-are-behind-us","The Worst Home Price Declines Are Behind Us","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230515\u002F20230516-the-worst-home-price-declines-are-behind-us.png","2023-05-16T10:30:00Z",{"id":37,"slug":38,"title":39,"featuredImage":40,"publishedAt":41,"contentType":10,"isVideo":14},15217,"powerful-job-market-fuels-homebuyer-demand","Powerful Job Market Fuels Homebuyer Demand","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fcontent\u002Fimages\u002F20230517\u002F20230518-powerful-job-market-fuels-homebuyer-demand.jpg","2023-05-18T10:30:00Z",{"cover":43,"open":44,"shareSpread":45},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":47,"open":48,"shareSpread":49},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[51,55,56,57,61,65,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154,158],{"id":52,"name":53,"slug":54},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":21,"name":22,"slug":23},{"id":58,"name":59,"slug":60},7,"Foreclosures","foreclosures",{"id":62,"name":63,"slug":64},8,"Infographics","infographics",{"id":25,"name":26,"slug":27},{"id":67,"name":68,"slug":69},11,"First-Time Buyers","first-time-buyers",{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":79,"name":80,"slug":81},38,"Move-Up","move-up",{"id":83,"name":84,"slug":85},41,"For Sale by Owner","for-sale-by-owner",{"id":87,"name":88,"slug":89},42,"Featured","featured",{"id":91,"name":92,"slug":93},45,"New Construction","new-construction",{"id":95,"name":96,"slug":97},52,"Luxury \u002F Vacation","luxury--vacation",{"id":99,"name":100,"slug":101},53,"Rent vs. Buy","rent-vs-buy",{"id":103,"name":104,"slug":105},80,"Time-sensitive","time-sensitive",{"id":107,"name":108,"slug":109},81,"Outdated","outdated",{"id":111,"name":112,"slug":113},147,"Internal","internal",{"id":115,"name":116,"slug":117},148,"Do Not Autopost","do-not-autopost",{"id":119,"name":120,"slug":121},320,"Inventory","inventory",{"id":123,"name":124,"slug":125},321,"Agent Value","agent-value",{"id":127,"name":128,"slug":129},322,"Affordability","affordability",{"id":131,"name":132,"slug":133},323,"Buying Tips","buying-tips",{"id":135,"name":136,"slug":137},324,"Downsize","downsize",{"id":139,"name":140,"slug":141},325,"Economy","economy",{"id":143,"name":144,"slug":145},326,"Equity","equity",{"id":147,"name":148,"slug":149},327,"Forecasts","forecasts",{"id":151,"name":152,"slug":153},328,"Selling Tips","selling-tips",{"id":155,"name":156,"slug":157},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":159,"name":160,"slug":161},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]