Domicile Decline

With 30-year mortgage rates up 1.2 percentage points Y-o-Y, it’s unsurprising that the May national median house price is down 3.1% Y-o-Y to $396,100. The drop was the largest percentage decline since 12/2011, and the fourth month in a row of Y-o-Y price declines. That hasn’t happened since 2012. May was also the 21st month in a row of Y-o-Y sales declines, but that streak should end later this year.