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US existing home sales rose 3% to start the year, but higher mortgage rates are already hurting
Sales of previously owned homes rose 3.1% in January to 4 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 1.7% year over year. The count is based on closings, so the contracts were likely signed in November and December, when mortgage interest rates backed off their October high of 8%. By mid-December, the rates had hit a recent low of around 6.6%. Today they are back over 7%, according to Mortgage News Daily. “While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and ... (full story)