The median existing home price was $396,100 last month, down 3.1% from a year ago, marking the largest year-over-year price reduction since December 2011 https://t.co/yzHN9YiZ5v pic.twitter.com/odsqJUHkCW

— CNN (@CNN) June 22, 2023

The median existing home price was $396,100 last month, down 3.1% from a year ago, marking the largest year-over-year price reduction since December 2011.

Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — rose 0.2% from April to May. Annually, sales were down 20.4% from a year ago, and the seasonally adjusted annualized sales pace dropped from 5.4 million units a year ago to 4.3 million in May.

[Bear in mind that national medians are tricky in the first place. What really matters are median prices in regions and specific markets, and how much leverage exists on speculative holdings in real estate. A slowdown doesn’t matter to people who don’t need to sell in the near future, but if certain markets are both overleveraged and underselling, it could be a problem with some risk of contagion. Don’t panic, but it’s worth watching. — Ed]