The median price of new single-family houses that were sold in June plunged by 9.5% from May, to $402,400, the lowest since June last year, according to the Census Bureau today. The plunge in June after the drop in May reduced the year-over-year gain to 7.4%, from the 20%+ in the spring.
Median prices are noisy with month-to-month moves, and some caution needs to be used here. But this was nevertheless an extraordinary plunge of a magnitude that occurred only three times before in the data going back to 1965: During the second dip of the Double-Dip Recession (Sep 1981), during the Housing Bust (Oct 2010), and in Sep 2014.
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