According to the National Association of Realtors, existing U.S. home sales fell for the twelfth straight month in January 2023. Month-over-month sales were mixed among the four major U.S. regions, as the South and West registered increases, while the East and Midwest experienced declines. All regions recorded year-over-year declines.
National property broker Redfin is reporting roughly one-third (31.2%) of U.S. home purchases were paid for with all cash in December 2022. That's up from 28.8% a year earlier but down from the eight-year high of 31.9% hit in November 2022.
According to the National Association of Home Builders, two consecutive solid monthly gains for U.S. builder confidence, spurred in part by easing mortgage rates, signal that the housing market may be turning a corner even as builders continue to contend with high construction costs and building material supply chain logjams.
After falling for five straight weeks, U.S. mortgage rates jumped last week, triggering a decline in U.S. mortgage demand. Total mortgage application volume fell 7.7% last week.
According to a new report from Redfin, the median U.S. residential rental asking rent rose 2.4% year over year to $1,942 in January 2023 -- the smallest increase since May 2021 and the lowest level in nearly a year. That's roughly one-sixth the pace of January 2022, when rents were up 15.6% from a year earlier.
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