In search of good news in yesterday’s data releases, the Washington Post told readers that the median price for existing homes was 2.5 percent above its year ago level. While this is accurate, it is worth noting that the monthly price numbers are highly erratic.

The median sales price in March was more than 5 percent above the median price in February. This sort of month to month increase reflects the mix of homes sold and reporting error. It is not plausible that the price of a typical home actually rose 5 percent in a single month.