Mortgage Market News: Home Sales Move Higher, Inflation Meets Estimates

Case-Shiller data for January shows a slowdown in annual home price growth, but a closer look reveals a more encouraging trend beneath the surface. While year-over-year gains hit their slowest pace since mid-2023, recent monthly data points to stronger momentum that could continue, especially with shifts in mortgage rates. The question now is whether that momentum can hold as broader economic factors begin to change.

A stronger-than-expected jobs report contrasted with other signs of a cooling labor market, creating a mixed picture overall. While the headline jobs data came in strong, underlying details raised questions, and ADP employment figures added to the uncertainty with mixed signals. Additional labor market reports pointed to softer trends, suggesting some cooling beneath the surface. At the same time, home values continued to show resilience, rising for the sixth consecutive month.

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