Existing home sales jumped 6.7% m/m in January, but that gain is likely to prove short-lived. Strong activity over the turn of the year is due to households rushing to buy to lock in a low mortgage rate. Since then, mortgage applications for home purchase have dropped back, and record low inventory will act as a drag on sales. We expect a gradual fall to around 5.81m annualised by end-2022.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.