> Similarly the median house price is a farce if...
Alternatively, what if people have stopped buying/selling cheap housing?
If everyone except millionaires has dropped out of the market (say, due to lockdown restrictions) then the median house price will rise even if the market is dying. Particularly if the wealthy are desperately trying to turn cash into assets in response to the government largess.
I suspect Mr. Carlson fell for Simpson's paradox with that one; it seems unlikely that the property market is booming. That chart isn't enough evidence.
Here are the stats from NAR. The average price has increased, but the volume is off by 10% year over year. The last slide shows sales volume by price. It isn't what I expected. It looks like sales are up around the median price while both the high and low end are way down.
https://www.nar.realtor/sites/default/files/documents/ehs-06...
Over the past few months tens of thousands of high-income workers have been told they can WFH forever, and an above average house in most of the country looks awfully cheap compared to SF house on SV salaries.
Alternatively, what if people have stopped buying/selling cheap housing?
If everyone except millionaires has dropped out of the market (say, due to lockdown restrictions) then the median house price will rise even if the market is dying. Particularly if the wealthy are desperately trying to turn cash into assets in response to the government largess.
I suspect Mr. Carlson fell for Simpson's paradox with that one; it seems unlikely that the property market is booming. That chart isn't enough evidence.