Sales of previously owned homes fell 0.7% in January from the prior month due to higher mortgage rates, according to the National Association of Realtors.
Piper Sandler chief investment strategist Michael Kantrowitz shares his 2023 market outlook ahead of the January inflation data after futures data signals a continued rally., surging inflation and steep home prices sapped consumer demand from the housing market.
It is the slowest pace since November 2010, when the U.S. was still in the throes of the housing crisis triggered by subprime mortgage defaults."Home sales are bottoming out," Lawrence Yun, the chief economist at NAR, said in a statement. "Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.
At the current pace of sales, it would take roughly 2.9 months to exhaust the inventory of existing homes. Experts view a pace of six to seven months as a healthy level. At the current pace of sales, it would take roughly 2.9 months to exhaust the inventory of existing homes. Experts view a pace of six to seven months as a healthy level.aggressive campaign to tighten policy and slow the economy.
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