Purchase applications increased 25% week-over-week as buyers return to the market to capitalize on the recent decrease in interest rates. There is still a significant amount of pent up buyer demand and low levels of inventory in the market.

The National Association of Realtors recently reported that housing inventory has once again dropped below 1 million units. Inventory is not much higher than its all time lows. This level of inventory is considered extremely low in order to support a US population of 330 million.

The Pending Home Sales Index (PHSI) improved 2.5% month over month in December. This index provides a forward-looking indicator of home sales based on contract signings and signals a positive shift in market conditions.

Inflation has likely peaked as CPI rose by a 6.5% annualized rate last month. This reflected the 6th consecutive month of declining inflation and the lowest annualized increase since 4Q21. Lower inflation reflects the impact of Fed policy and covid related pressure easing off supply chains.

Senior housing wealth has hit a new record at $11.81 trillion - Due to high home price appreciation in recent years, seniors have more tappable equity than ever before.

Zillow unveils the hottest real estate markets of 2023 - While pandemic boomtowns have cooled recently, sunbelt metros are poised for gains. Charlotte, Cleveland, Pittsburgh, Dallas, and Nashville round out the top 5.

All about inventory - This analysis highlights the current themes around housing inventory and provides resources to get up to speed on the latest trends in the market.

Homebuilder confidence ticks up - Homebuilder confidence increased for the first time in a year as recent data shows that the market has stabilized.

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