Home prices

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.

In the four weeks through Feb. 26, the median price for a typical home was $350,246, down 0.6% from the same period a year earlier, the brokerage said Thursday.

Prices nationally fell 0.3% in December from the month before, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.  

The total price of U.S. homes was $45.3 trillion at the end of 2022, down from a record high of $47.7 trillion in June, according to Redfin's report.

Average housing costs have surged over 40% since 2019, outpacing 15% in wage increases, the National Association of Realtors said.

A series of recent studies offer a view into the dynamics that will impact home sales in 2023.