Home prices in January rose at the slowest pace in nearly seven years, but buyers shouldn't feel too confident.
Home prices in January rose at the slowest pace in nearly seven years, but buyers shouldn't feel too confident just yet. Prices might be on the verge of picking up yet again.
"The spike in mortgage interest rates last fall chilled buyer activity and led to a slowdown in home sales and price growth," said Frank Nothaft, chief economist for CoreLogic."Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago. With interest rates at this level, we expect a solid homebuying season this spring.
So that could mean the end of the current price chill, as more buyers this spring compete for a still-slim supply of listings for sale. Inventories have started to rise nationwide, but mostly on the higher end of the market, which is not where the bulk of current demand is. The supply of entry-level homes for sale is still very, very low, as builders continue to focus on more expensive homes, given today's high costs for land and labor.
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