January 2023 Existing Home Sales: A Full Year of Slowing Sales
January brought another month of dismal home sales - now declining for twelve straight months and at the lowest level since 2010.
January Housing Starts: Housing Permits Slightly Rebound With Lower Rates
Homebuilders responded to the interest rate drop in January, increasing not only builder confidence for the first time in over a year, but also slightly increasing housing permits in January from December. With mortgage rates back up in February, it’s likely that this momentum will be short lived.
Housing market observers could be forgiven for expecting a weak spring home buying season this year. The market cooled dramatically in the second half of 2022, after buyers ran into an affordability ceiling amid rising mortgage rates and two straight years of red-hot competition. Sales activity plunged, as existing home sales reached their lowest pace since 2010 in December, and home values slumped for the first time in almost that long.
Mortgage rates continued to rise sharply over strong January economic data
After rising sharply last week, mortgage rates continued to increase this week, erasing some of the progress made on the housing affordability front in the past few months.
Inflation Slows Less Than Expected in January
While inflation continues to decelerate, consumer prices rose more than expected in January as shelter costs show signs of persistence
Zillow Home Value Index Methodology, 2023 Revision: What’s Changed?
Zillow’s Home Value Index: Built on the Database of All Homes with the real time adaptive power of neural net technology
Homes You Can Afford for $3,000 Lose A Bedroom As Mortgage Rates Increase
Home size per dollar still largest in Memphis and the Midwest, despite declines driven by mortgage rates.
