Skip to content
Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

HOME SALES MIXED IN JANUARY

Despite surging demand among buyers for new homes, housing starts slumped 12 percent in January from December due, in part, to the scarcity of lumber, rising costs of building materials, and disruptions in supply due in part to wildfires and heavy weather, industry analysts said.
Partly as a result, the number of new homes permitted in December but not started rose 9.6 percent from the month before and 28 percent year on year, Robert Dietz, chief economist for the National Association of Home Builders, said to the Wall Street Journal.
Higher costs of building materials will also drive new home prices higher in the months ahead. (See our new article, “PRICES OF BUILDING MATERIALS REACH RECORD HIGHS.”)
Sales of previously owned homes edged up 0.6 percent in January from December, notching a 23.7-percent jump year over year during the traditionally slow winter sales season.
The median selling price of existing homes climbed 14.1 percent in January from a year earlier, settling at $303,900.
The yearly gain resulted from surging demand for homes, driven by low-interest rates, home-office workers leaving urban centers, and a general shortage of homes available for sale.
TREND FORECAST: With remote work schedules, rising crime in big cities pushing more people to suburbs and ex-burbs, the cost of building new homes becoming more costly and with fewer than three months of supply of homes on the market, the lowest on record since the turn of the century,” according to  Zillow, we forecast rising home prices in select areas of the nation.
When interest rates rise and when the equity markets plunge, so, too, will the over-priced housing market. 

Comments are closed.