Housing starts collapsed in January, and the seasonally adjusted data implies a continuing housing shortage ahead.
Mortgage interest rates for the 30-year fixed mortgage averaged 6.77% this week, up from 6.64% last week based on Freddie Mac data.
The desired rate of inflation is 2% and the latest rise of 3.1% consumer price index in January is not yet comfortable.
At the national level, housing affordability improved in December month-over-month, with decreases in both monthly mortgage payments and median prices of single-family homes.
Home prices continued to rise in the fourth quarter of 2023, and single-family home prices had positive gains in 85.5% of 221 metro areas.
For the eighth week in a row, there has been overall stability for the 30-year fixed mortgage interest rate.
New home buyers value agents' help in understanding the buying process, improving the search areas, helping with negotiation, and shortening the home search time.
U.S. population trends are returning to pre-pandemic levels because of decreased deaths and increased migration, resulting in the largest gains since 2018.
December 2023's pending home sales rose 8.3% from last month and 1.3% from a year ago, reaching the highest level since July of 2023.
Mortgage interest rates ticked down slightly this week to 6.63% from 6.69% the previous week, down considerably from October 2023.
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