Redfin announced on November 28, 2023 their new Redfin Home Price Index (RHPI) as a new tool to analyze home price changes in the United States. This index is similar to the S&P Corelogic Case-Shiller home price index in that both use a repeat sales method to calculate how single-family home prices fluctuate over time. This differs from using the median sales price method which determines the median price of homes that sold during the period and compares that to the median sold price of a different time period. Therefore, when reporting the median sold price change, that’s comparing different houses. In contrast, the repeat sales method compares the prices of homes that sold in the current period to the price those same houses previously sold for in order to determine the change in home prices. As such, this index is not affected by differences in home sizes.
Other entities that also use the repeat sales method are the S&P Corelogic Case-Shiller home price index and the Federal Housing Finance Agency’s (FHFA) Home Price Index (HPI).
The National Association of Realtors (NAR) uses the median sale price method of all housing types (single family homes, townhomes, condos and co-ops) so depending on the mix of sales, there can be changes in prices. NAR also doesn’t seasonally adjust the median sold price so that makes it more challenging to compare prices to previous months (other than the same month in a previous year).
In today’s video, I share all the details. Link is below for the report I went over in today’s video.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.3% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
*** Jason Walter, CPA (inactive CPA lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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