Home prices

In the four weeks through Feb. 26, the median price for a typical home was $350,246, down 0.6% from the same period a year earlier, the brokerage said Thursday.

Prices nationally fell 0.3% in December from the month before, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.  

The total price of U.S. homes was $45.3 trillion at the end of 2022, down from a record high of $47.7 trillion in June, according to Redfin's report.

Average housing costs have surged over 40% since 2019, outpacing 15% in wage increases, the National Association of Realtors said.

A series of recent studies offer a view into the dynamics that will impact home sales in 2023.

Although housing values have noticeably flattened in recent months, the share of buyers expecting the search for a new residence to become harder grew, according to the National Association of Home Builders.

Prices also fell roughly 0.3% in November from a month before, according to a seasonally adjusted data of national prices from S&P CoreLogic Case-Shiller.

During a hearing on racial bias in home valuation, the head of the Consumer Financial Protection Bureau questions the Appraisal Foundation's "weird" regulatory structure.

To monitor the health of lenders still operating, industry watchers should observe firms' abilities to meet covenant requirements, renew warehouse lines of credits and their activity in the mortgage servicing rights market, said Brian Brown, chief financial officer at Rocket Companies.

Single-family property values during the year's final three months rose 9.2% year-over-year, but that bump fell below the 13.1% annual rise in the prior quarter.