The median price for a new home in January is lower than it was a year ago, marking the first annual decline since the pandemic.
The median sales price for a new home was $427,500 in January, a decrease from the month before — and 0.7% lower than in January 2022. That marks the first such annual decrease since August 2020. The decline could be a sign that home affordability could improve after prices soared in the wake of the pandemic and mortgages became far more expensive as the Federal Reserve rose interest rates.New home sales in January increased from the month before, rising 7.
“Higher rates will put renewed pressure on homebuying affordability and home sales in the first half of the year, though lower prices and incentives offered by homebuilders should prevent too steep of a drop,” they added. The elevated mortgage rates are a direct result of the Fed raising its interest rate target several times over the past year. The central bank hiked rates once again at the start of the month and is set to conduct another increase in March, although by what degree is still yet to be seen.
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