Mortgage News February 15, 2023
Publish its first report of the new year, HouseCanary’s January 2023 Market Pulse Report indicates rising prices have flattened as a result of low market activity, while month-over-month, median home price averages remain unchanged.
By the end of 2022, there was a clear indication that the market was leaning in favor of buyers due to limited inventory and low activity during the first half of the year.
Despite the substantial decrease in market activity since January 2022, listings placed on the market have increased since the end of the holiday season. In addition, a market shift is imminent since the Federal Reserve announced a 25 basis points increase last week, its lowest rate hike since the March 2022 meeting.
Jermey Sicklick, Co-Founder and CEO of HouseCanary said that market activity in 2023 has slowed as predicted in December, with multi-year lows for both net new listings and contract volumes. As a result, we have seen year-over-year declines in net new listings and contract volume for the ninth consecutive month, once again driving prices downward. Despite a slowdown in rate hikes from the Federal Reserve, there is hope that the housing market will shift with the Federal Reserve’s rate hike slowdown.
HouseCanary highlights the following key points in the report:
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