Home prices keep going up. The chart below shows median home prices over the past decade:
The reason why home prices went up during the Biden administration is because Biden caused prices to rise. It had nothing to do with higher demand or the buying frenzy after the pandemic when interest rates were at an all-time low. Home prices went up during the last Trump presidency because of something President Obama must have done while he was in office. I am not sure why this executive order wasn’t issued in 2017 but it wasn’t.
Those days are behind us now. Last week President Trump signed an executive order to lower the cost of housing.
“I hereby order the heads of all executive departments and agencies to deliver emergency price relief, consistent with applicable law, to the American people and increase the prosperity of the American worker. This shall include pursuing appropriate actions to: lower the cost of housing and expand housing supply; eliminate unnecessary administrative expenses and rent-seeking practices that increase healthcare costs; eliminate counterproductive requirements that raise the costs of home appliances; create employment opportunities for American workers, including drawing discouraged workers into the labor force; and eliminate harmful, coercive “climate” policies that increase the costs of food and fuel. Within 30 days of the date of this memorandum, the Assistant to the President for Economic Policy shall report to me and every 30 days thereafter, on the status of the implementation of this memorandum. ” January 20, 2025
On a somewhat related note, gasoline prices are on average $.20 a gallon higher in Minnesota this week than a year ago. Egg prices are way up too.
I’ll keep publishing information about home sales and prices every month as I have been doing for the last 20 years. I will start including a monthly chart that shows home prices in the current month compared to the same month a year ago. I will track falling home prices.
