The start of the year is showing some seasonality with existing home sales down 8.4% nationally in January according to the National Association of Realtors. Sales were down 10.3% out here in the West for the same time period. NAR also noted that affordability has been improving for the last seven months.
The Fed kept rates unchanged noting continued economic strength. Economic data was mixed with retail sales down while inflation data came in better than expected, showing that the consumer price index rose 2.4%, year over year. Mortgage rates are expected to hover in the 6% range if current conditions hold, good for both buyers and sellers.
What's Up With Real Estate
