Tag Archives: Odeta Kushi

“The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5.00% to 5.25%,” the Fed said in a prepared statement.

“Although buyers, sellers, and builders are all more optimistic about the housing market, asking home price growth is easing and the typical home sales price is slipping. These point to the nudge that buyers need to act on their improving outlook,” said Realtor.com Chief Economist Danielle Hale.

Elevated rates continue to both impact homebuyer affordability and weaken demand for refinancing, as the MBA reports overall app volume fell 1.2% week-over-week.

The MBA reports that overall mortgage application volume rose this week, jumping after a week of declines, as fixed-rates continued to slide toward the 6% mark.

“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.

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.”

“The housing market will continue to rebalance as prices adjust to the reality of higher mortgage rates,” First American's Deputy Chief's Economist Odeta Kushi concluded.

A panel of experts assembled by MReport provides their expert insights and perspectives into what 2023 may bring to the housing market, and whether a market correction is on the horizon.

NAR reports that month-over-month, contract signings fell in three of four major U.S. regions, with only the Midwest showing signs of improvement.