Tag Archives: Bright MLS

“Single-family housing permits, a leading indicator of future starts, also increased 7.6% compared with the previous month. The uptick in single-family housing permits and starts aligns with the recent increase in homebuilder sentiment,” said First American Deputy Chief Economist Odeta Kushi.

“Mortgage rates moved up for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing.”

The Federal Open Market Committee moved to raise the nominal interest rate by 25 points to a range of 4.50-4.75% at the end of its February meeting.

“This recent low point in home sales activity is likely over,” said Lawrence Yun, NAR’s Chief Economist. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

At the end of the Federal Open Market Committee’s November meeting, Federal Reserve Chairman Jerome Powell indicated ongoing rate hikes will be necessary to tamp inflation down to the target rate of 2%.

The Bright MLS September Housing Market Updates data for the D.C. and Baltimore Metros were released Tuesday revealing how the markets fared since last year and last month.