Reply To: Traders Market Weekly: Two Tribes Go to War

#33917
Truman
Participant

Friday Existing home sales increased 6.7% m/m in January to a seasonally adjusted annual rate of 6.50 million (consensus 6.08 million). Total sales in January were down 2.3% from a year ago.

The key takeaway from the report is the push to buy existing homes in January as mortgage rates increased — and were expected to increase further. That left unsold inventory at a record low, which is going to keep price pressures elevated and prospective buyers, particularly first-time buyers, facing an affordability pinch in the face of such lean supply for lower-priced homes and higher mortgage rates.