Home prices

A February survey of 2,000 people who were looking to sell their home in the next 12 months, found that 86% were planning to buy another home, but of those respondents, 56% are waiting for rates to come down.

Average purchase-loan amounts on new applications also increased after a recent pullback, as limited inventory provided little price relief.

But a monthly increase in housing costs nationwide to start 2023 may point to a bottoming out of prices in many areas, CoreLogic said.

Almost twice as many homes on sale in February saw a reduction in housing costs compared to a year ago, as elevated interest rates limit how much buyers can afford.

And in January, all-cash buyers reached their highest share in nine years, at 32.1%, Redfin said.

The pace of supply coming to market continued its late 2022 slowdown in the first two months of the new year, but greater opportunities may lie in sales of newly constructed properties.

Homebuilders are rising as much as 1.7% Tuesday after data showed previously owned home sales snapped a yearlong slide, rising in February by the most since mid-2020. 

Sales of previously owned homes rose in February by the most since mid-2020, snapping a record year-long slide tied to rising interest rates and affordability constraints.

Home sellers are offering to pay for closing costs, mortgage rate buydowns and property repairs in order to attract buyers, Redfin found.

By the end of December, 63% of borrowers saw home values increase by 7.3%, for a collective gain of $1 trillion, CoreLogic's report found.