Further downshifting its pace of tightening of monetary policy, the Federal Reserve’s monetary policy committee raised the federal funds target rate by 25 basis points, increasing that target to an upper bound of 4.75%. This marked a smaller increase after four previous 75 basis point hikes and a decelerated 50 basis point increase last December. While not the end of… Read More ›

Private residential construction spending declined 0.3% in December 2022, as spending on single-family construction dropped 2.3% amid higher mortgage rates. Private residential construction spending fell for the seventh consecutive month, standing at an annual pace of $857 billion. However, this total remains 1.7% higher compared to a year ago. The monthly decline is largely attributed to lower spending on single-family… Read More ›

An earlier post revealed that 65% of buyers who were actively engaged in the process of finding a home in the fourth quarter of 2022 have spent 3+ months searching for a home without success. The inability to find an affordable home (45%) is the most common reason buyers looking for 3+ months can’t make a purchase.  In second place… Read More ›