Existing Home Sales Update: January’s Surge | Episode 104 | 02-22-2024
Megan Horneman, Chief Investment Officer at Verdence Capital Advisors, looks into the latest insights from the existing home sales report for January today. Megan highlights a positive uptick, surpassing the psychological level of the 4 million home sales mark on an annualized rate, marking the most significant increase since February 2023. Although single-family homes led the surge, all regions experienced growth, with the west leading the way. However, challenges are still present as rising mortgage rates above 7 percent and persistently low inventories, are affecting affordability for both first-time and seasoned homebuyers. She discusses the hurdles in the housing market, emphasizing the elevated median home price of $379,000 compared to the five-year average of $325,000. While acknowledging the market’s attempts to find stability, Megan provides valuable insights into the potential cyclical nature of these challenges. Stay tuned for weekly updates on the economic calendar, and for any questions or comments please reach out to us at podcast at Verdence dot com.
