Summary
The U.S. housing market started slow in 2023 with low existing-home sales, but economic data suggests improvement is possible. High home prices and mortgage rates have reduced demand, but steady rates and easing inflation provide hope. Economic indicators like job growth and stable inflation rates are positive signs for the market.
Key Facts
- Existing-home sales hit a 16-month low in January 2023.
- High home prices and mortgage rates have slowed home buying.
- More sellers than buyers are currently in the market.
- January 2023 saw better-than-expected job growth of 130,000 jobs.
- Inflation rates fell to 2.4% in January.
- Mortgage rates are around 6%, the lowest in about three years.
- Easing inflation and steady wages may help improve housing affordability.
