🏡 Sales momentum began to slow
US: Jan sales volume of existing home -2.3% Y/Y.
Canada: Jan sales volume -10.7% Y/Y.
Some buyers have been priced out of the market.
US: the median price +15.4% Y/Y.
Canada: Home Price Index +28% Y/Y.
Even with interest rates rising, the prices likely will stay high.
Both countries saw Jan inventory at only 1.6 months.
The inventory is expected to improve in early Spring.
Source:
NAR, CREA.
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