National market update March 2023

National market update March 2023. The Case-Shiller Home Price Index, which is considered the “gold standard” for appreciation, showed home prices fell 0.8% from November to December but they were 5.8% higher when compared to December 2021.

Pending Home Sales Rose for Second Straight Month

Pending Home Sales rose 8.1% from December to January, which was much stronger than expectations and follows the 1.1% gain in December.

NATIONAL MARKET UPDATE

National market update March 2023. The Pending Home Sales index of signed contracts on existing homes rose in January for the second straight month, up 8.1%, though still down from a year ago. Gains were nationwide and foretell higher sales in February and March. Search homes here.

In January, spending on residential construction came in at a decent $847.4 billion annual rate, just a tick below December’s figure. This indicates more new homes will become available later this year.

Best of all, ShowingTime’s index of home showings posted its largest monthly increase ever. Their VP of sales and industry noted, “a larger increase than any January before, after last year’s rapid cooldown, is significant.”

FEDERAL RESERVE WATCH

Forecasting Federal Reserve policy changes in coming months. Fed watchers still feel we’ll get a series of quarter percent rate hikes at the next three FOMC meetings. Note: In the lower chart a 100% probability of change is a 100% probability the rate will rise. Current rate is 4.50%-4.75%. National market update March 2023