We continue to have an interesting combination of year over year price increases, but a generally flat market relative to month over month data. The fed's work to increase interest rates is definitely to blame for this, even though it's not a terrible idea given that 20% year over year growth is entirely unsustainable.
Also interesting, we've had foreclosure moratoriums and mortgage forbearance that will be coming to an end. That will add to our volume of listings, but our active inventory and demand has more or less moved in conjunction with one another which is preventing our housing crash of 2008.
The last wild note, yes the fed continues to come out and increase interest rates. However, mortgage rates peaked in the beginning of November. The big change that prompted mortgage rates to drop were the following: CPI and core CPI were below expectations, year over year pricing began to decline and bond yields fell.
https://www.calculatedriskblog.com/2022/12/q3-update-delinquencies-foreclosures.html
https://www.calculatedriskblog.com/2022/12/corelogic-house-prices-up-101-yoy-in.html
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