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MNI: Fed Welcomes Softening In Hot Housing Market-Ex-Officials

(MNI) Washington
WASHINGTON (MNI)

U.S. homes prices seen decelerating into 2023.

The American housing market's sharp turn in recent weeks is a sign of successful Federal Reserve interest rate guidance so far, former policymakers told MNI, with realtors expecting a steady deceleration in home price increases into 2023.

While the Fed has hiked by a single quarter-point so far, its words signaling a coming rapid adjustment propelled the average 30-year fixed mortgage rate to 5.10% this week from 3.11% in December, the fastest climb since the early 1980s. Existing and new home sales slid by 2.7% and 8.6%, respectively, even as Census Bureau data showed that, while completions slipped, housing permits and starts continued to move up in March.

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The American housing market's sharp turn in recent weeks is a sign of successful Federal Reserve interest rate guidance so far, former policymakers told MNI, with realtors expecting a steady deceleration in home price increases into 2023.

While the Fed has hiked by a single quarter-point so far, its words signaling a coming rapid adjustment propelled the average 30-year fixed mortgage rate to 5.10% this week from 3.11% in December, the fastest climb since the early 1980s. Existing and new home sales slid by 2.7% and 8.6%, respectively, even as Census Bureau data showed that, while completions slipped, housing permits and starts continued to move up in March.

Keep reading...Show less