February 2023 Existing Home Sales: Sales Snap a 12-month Long Decline as Buyers Return
Low inventory remains a major constraint for home shoppers this spring.
News
The increase in builder confidence and housing starts are signs housing demand is thawing from last year’s deep freeze.
Inflation Slows Further in February
Although consumer prices are still 6% higher when compared to a year ago, the pace of price increases slowed further in February. Shelter accounted for 70% of the February price gains.
US Employment Growth Slowed in February
Employment rose, wage growth fell in February. A less tight labor market after the stronger-than-expected January report is good news for housing affordability.
Mortgage rates increased for the fourth consecutive week as inflation expectations shift
Mortgage rates increased again this week as investors continue to reprice inflation and interest rate risk.
December 2022 Case-Shiller Results & Forecast: Steady Decline
Home prices continued to cool off at the end of 2022.
The PCE Price Index – Shows Prices Edged Up More Than Expected in January
While disinflation is still underway, the latest data confirmed fears that without a larger slowdown in wage growth, inflation could be slow to return to the Federal Reserve’s 2 percent inflation target.
The backlog of new construction homes continues to emerge into the market just in time for the spring shopping season.
