” • I N F L A T I O N – FLASH (Apr 12): Year-to-year inflation continued to surge in the both the March 2022 headline Consumer Price Index (CPI-U) and the ShadowStats-Alternate CPI, with both measures hitting new multi-decade highs, circumstances in place before Russia invaded Ukraine and exacerbated by same.
• March 2022 CPI-U annual inflation hit a 40-plus year high of 8.54% [up from 7.87% in February], the steepest inflation pace since December 1981; March 2022 ShadowStats “Corrected” Alternate CPI estimate hit 17.15%, up from 16.05% in February], the steepest inflation rate since June 1947 (in 75 years).
• In like manner, the March 2022 CPI-W (used in Social Security Cost of Living Adjustment [COLA] calculations, where the 2022 COLA — based on Third-Quarter 2021 — was 5.9%) hit a four-decade high of 9.36%, up from 8.60% in February 2022.”
Realtor.Com March Housing Report 13.5%. CPI says 5%.
- The national inventory of active listings declined by 18.9% over last year, while the total inventory of unsold homes, including pending listings, declined by 12.5%. The inventory of active listings was down 62.3% compared to 2020 right at the onset of the COVID-19 pandemic. In other words, for every 5 homes available for sale in the earlier period, today there are just 2.
- Newly listed homes were down 3.4% nationally compared to a year ago, and down 5.0% for large metros over the past year. Sellers still listed at rates 12.2% lower than typical 2017 to 2019 levels prior to the pandemic.
- The March national median listing price for active listings was $405,000, up 13.5% compared to last year and up 26.5% compared to March 2020. In large metros, median listing prices grew by 9.1% compared to last year, on average.
- Nationally, the typical home spent 38 days on the market in March, down 11 days from the same time last year and down 21 days from March 2020.