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the median price going down in one month really doesn't mean anything. now this means "something" although I'd caution anyone against looking at 1 month year over year. DId prices spike in April 2018, and then balance out? Was March 2019 > March 2018?
Quote:
The average sale price of an existing home in the region fell $5,000 to $255,000 from April 2018 to April 2019, according to the Orlando Regional Realtor Association.
Areas that saw rapid growth are generally the hardest and first hit in any down turn. The glut of supply and sinking ship feeling as people that want out and can't get out because the they have to compete with builders looking to offload. Can get ugly really quick.
In SW Florida prices are cooling too and I just got an email notice about price reductions in the area from a realtor site I have email subscription with. In my area starter homes when crazy with about 33% increase in three years, other homes may not have increased as fast but eventually that is unsustainable. Right not I think things are holding and may drop a little.
And yes when older homes start selling for the same price or close to what new builders charge people will buy new.
the median price going down in one month really doesn't mean anything. now this means "something" although I'd caution anyone against looking at 1 month year over year. DId prices spike in April 2018, and then balance out? Was March 2019 > March 2018?
True this. The median is a poor measure to start with. Home prices in most areas have such a high deviation that the median can be a very misleading measure.
True this. The median is a poor measure to start with. Home prices in most areas have such a high deviation that the median can be a very misleading measure.
I don't think you know what median means. I believe you're referring to an average.
A median is used over the average EXACTLY for this reason.
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