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Housing supply shows further improvement but could slow in weeks ahead
The recent rising trend in mortgage rates, however, could slow the flow of supply in coming weeks as potential sellers hold off on putting their house up on the market until rates moderate again.
California home sales reach highest level in 17 months
With rates rising throughout the month of February, the growth pace of closed sales could slow in March before picking back up in the later part of the home buying season.
Median price dips from the prior month but registers another annual gain in January
While tighter housing supply was the primary reason for the increase in home prices, more higher-priced housing units being sold was also another factor for the strong surge in price growth in February.
Consumer inflation tops expectations for the second straight month
The price stickiness reflected in the latest report will likely reinforce the Federal Reserve’s strategy of staying put and not rushing to cut rates in the upcoming meeting.
Retail sales bounce back in February
The sharp monthly increase in retail sales is the fastest pace in the last five months and suggests that consumers are still not ready to pull back completely yet.
While the market may see more moderate sales in March, housing demand should pick back up in the later part of the home buying season as inflation shows more signs of easing and rates begin to trend down again.
SOURCE : California Association of Realtors
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