Housing Bubble Woes: Supply Jumps, Sales Drop, Median Price Skewed Higher by Shift in Mix as Bottom Falls Out below $500k, amid Holy-Moly Mortgage Rates | Wolf Street

The closed sales in May are based on deals that were largely negotiated in April, with mortgage rates from April and before, when these buyers applied for mortgages and obtained mortgage rate locks that are good for a set period of time. In the US of A: the median price rose to $407,600, up by 14.8% from a year ago, according to the NAR. My favorite illustration: To get the median price in a market where 9 homes sold, you list them by price from the highest to the lowest, and the price of the fifth house from the top or the fifth from the bottom (same house) is the price in the middle = median price.

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