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January's existing home sales data came in at 4.08 million, missing the projected 4.13 million. Redfin head of economic research Chen Zhao joins Asking for a Trend to discuss what the numbers indicate about broader housing market conditions.
Zhao explains that after two years of "very slow loosening" of the mortgage lock-in effect, "we're actually seeing enough inventory pile up that what we see in the market right now looks more like a buyer's market than anything we've seen in the past six years," noting there's approximately a four-month supply in the national market.
"All of that seems to point to buyers having a little bit more of an opportunity than they've had in a really long time," she adds.
However, Zhao points out that many potential buyers may not perceive these improved conditions due to ongoing challenges, including high mortgage rates, elevated home prices, and persistent inflationary pressures.
To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.
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This post was written by Angel Smith