Residential Review

January existing home sales rose 3.1% M-o-M to a rate of 4 million, the best level since 4.03 million in 8/23, but sales fell 1.7% Y-o-Y. Despite high rates, home prices rose 5.1% in January Y-o-Y to $379,100, the highest January price ever. The best news, while still painfully low, inventory is up 3.1% Y-o-Y, and new listing rose Y-o-Y for the fourth straight month. The worst is probably over.