Weekly Market Observations - February 28, 2023

Here’s Our Weekly Market Observations :

NAR reports pending home up 8.1% in January, the 2nd consecutive monthly increase

Inflation increases steam again as consumer prices rise 0.6% from December to January and 5.4% YOY

Insurance (up 17%) and turnover (up 15%) make up the two largest YOY cost increases for multifamily properties

Opendoor’s losses doubled in Q4 as revenue declined 25%

Average 30yr fixed mortgage rates up again to 6.50%