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MarketMinute | How Fast Are Homes Selling?

Feb 11
5:41
AM
Category | Markets in a Minute

  • Unemployment claims for last week came in lower than expected at 223K. Claims have dropped from a record high of 6.149 million in early 2020.
  • Consumer prices surged even higher than expected in January, climbing 7.5% year over year. That’s the largest annual gain since 1982.
  • A strong labor market and rising inflation have increased the probability of a larger policy rate hike to come at March's Fed meeting.

  • Foreclosures were up in January after a pandemic moratorium ended, though still less than 50% of January 2020’s pre-pandemic level.
  • Home prices are unlikely to drop as competition among buyers remains unseasonably strong. Inventories are down 28% from a year ago.
  • The average home spent just 61 days on the market, according to a January reading from Realtor.com. That is the fastest pace ever recorded.

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