Housing Market Cools as Prices Jump Over 5% and Inventory Stays Low
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New listings and pending home sales growth slowed in January as mortgage rates stalled and home prices jumped over 5% year-over-year.
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Stagnant mortgage rates after a drop in December caused housing market activity to lose momentum, as did bad winter weather across much of the country.
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The median home sale price increased 5.2% from a year earlier to $402,343 in January, the biggest jump since September 2022.
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Inventory remains low, with new listings and active listings still far below pre-pandemic levels as of January.
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Pending sales rose the most year-over-year in Las Vegas (43.4%), while they fell the most in Cincinnati (-19.7%). Median sale prices rose the most in Camden, NJ (14.3%) and fell the most in San Antonio (-4.9%).