Eye On Housing
Author Archives
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Existing Home Sales Retreat Amid Mortgage Rate Volatility
Existing home sales fell to three-month low in April as limited inventory and fluctuating mortgage rates continued to weight on homebuyers, according to the National Association of Realtors (NAR). With inflation continuing to ease and rent growth expected to slow, existing home sales will rebound, despite the recent declines. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops,… Read More ›
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Inflation Falls Below 5% For First Time in Two Years
Consumer prices in April saw the smallest year-over-year gain since April 2021. This marked the tenth consecutive month of deceleration and the first time the rate has fallen below 5% in two years. While the shelter index (housing inflation) experienced its smallest monthly gain since January 2022, it continued to be the largest contributor to the total increase, accounting for… Read More ›
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Existing Home Sales Slowed in March
After reversing a 12-month slide last month, existing home sales retreated in March as mortgage rates began to increase again in February, according to the National Association of Realtors (NAR). With inflation continuing to ease and rent growth expected to slow, existing home sales will rebound, despite the slight drop in March. Total existing home sales, including single-family homes, townhomes,… Read More ›
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Inflation Shows Further Signs of Cooling
Consumer prices in March saw the smallest year-over-year gain since May 2021 with a ninth consecutive month of a deceleration. While the shelter index (housing inflation) experienced its smallest monthly gain since November 2022, it continued to be the largest contributor to the total increase, accounting for over 60% of the increase in all items less food and energy. The… Read More ›
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Existing Home Sales Surged in February
A brief drop in mortgage rates and a pullback in home prices boosted existing home sales in February, according to the National Association of Realtors (NAR). The 30-year mortgage rates averaged less than 6.3% in February per Freddie Mac and the median sales price in February posted the first decline since February 2012. The monthly increase in sales ended a… Read More ›
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Inflation Eased Despite Sticky Housing Costs
Consumer prices in February saw the smallest year-over-year gain since September 2021 with an eighth consecutive month of a deceleration. However, the shelter index (housing inflation) continued to rise at an accelerated pace and was the largest contributor to the total increase, accounting for over 70% of the increase. Shelter inflation is a lagging indicator and will primarily be cooled… Read More ›
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Existing Home Sales Continue to Fall in January
As elevated mortgage rates and tight inventory continue to weaken housing demand, the volume of existing home sales declined for a twelfth consecutive month as of January, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have stabilized in January, they are likely to see a rise in the… Read More ›
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Slow Progress for Inflation
Consumer prices in January saw the smallest year-over-year gain since October 2021 with a seventh consecutive month of a deceleration. However, this disinflation pace was much slower than expected, partially because new methodology introduces higher weights for shelter and lower weights for food and energy to reflect changes in consumer spending in 2021. The shelter index (housing inflation) continued to… Read More ›
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Existing Home Sales End 2022 with Weakest Year Since 2014
As elevated mortgage rates and tight inventory continue to weaken housing demand, the volume of existing home sales declined for an eleventh consecutive month as of December, according to the National Association of Realtors (NAR). This is the longest run of declines since 1999. While mortgage rates have retreated in recent weeks due to recession concerns, they are likely to… Read More ›
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Good News: Inflation Continues its Cooling Trend
Consumer prices in December saw the largest month-over-month decrease since April 2020. While still elevated, inflation experienced the third month below an 8% annual growth rate since February 2022. Moreover, this was the sixth consecutive month of a deceleration. However, the shelter index (housing inflation) continued to rise at an accelerated pace and was the largest contributor to the total… Read More ›