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Home sales decreased 4.9% in January, but increased YoY
- Existing-home sales fell 4.9% in January from December.
- Sales rose 2.0% from January 2024, marking four consecutive months of year-over-year gains.
- Median home price increased 4.8% YoY to $396,900.
Inflation accelerated in January
- The CPI rose 0.5% in January, up from 0.4% in December.
- Core CPI increased by 0.4%, the highest monthly gain since March 2024.
- Energy prices rose 1.1%, with gasoline up 1.8% and natural gas up 1.8%.
The 30-year rate is under 6.5%
- The 30-year fixed mortgage rate has decreased to 6.49%, the first time it’s fallen below 6.5% in over two months.
- The 15-year fixed mortgage rate is currently at 5.75%.
- Adjustable-rate mortgages (ARMs) have also seen a slight decline, with the 5/1 ARM averaging 5.60%.
Written By: Daniel McCullum
