• Despite recession fears, the economy grew at a pace of 2.9% in the 4th quarter, more than the expected 2.6%.
  • Business activity contracted for the 7th straight month in January. The downturn moderated across both the manufacturing and services sectors.
  • Jobless claims declined again last week, this time to 186K. The drop signals labor market strength despite Fed rate hikes and talk of recession.

Housing News

  • NAR reports the median home sales price in 2022 was $386,300, up 10.2% from 2021 and the highest on record.
  • Existing home sales in December fell for the 11th straight month and hit the slowest pace since 2010. Improvements are expected in 2023.
  • However, new home sales rose 2.3% in December. The 3rd straight monthly increase shows homebuyers are still shopping. 

Market Minute Report - Mortgage News