The housing market saw varied activity in January, with falling mortgage rates boosting home-shopping activity and median home asking prices rising by 7% year-over-year, marking the largest increase since September 2022. Despite strong economic and job growth, rising mortgage rates have led to a modest increase in pending home sales, which are only 2% higher than last year, while the prices of those homes have risen by 5%. Mortgage rates are now 100bp higher than a year ago. In contrast, the Greater Toronto area experienced a significant jump in home sales with a 37% increase compared to last year and a slower increase in new listings, potentially signaling a resurgence in house prices. The UK housing market also reflected this trend with Halifax reporting a 2.5% annual increase in house prices and a 1.3% rise from the previous month, indicating the strongest pace since mid-2022 as buyers were encouraged by the declining mortgage rates. Meanwhile, China is grappling with a severe housing bust, with every public or listed property developer in default, drawing comparisons to the U.S. financial crisis but on a larger scale, described as 'on steroids'. The IMF has noted that China's housing bust is occurring at a 'historically rapid pace'.
🏠 House prices rose last month as falling mortgage rates increased the number of potential buyers, according to an industry survey. Follow the latest on our live blog 👇 https://t.co/lTVLAJw3v9
UK house prices jump at the quickest pace since 2022, Halifax says https://t.co/yFnuRuBRR5 https://t.co/6mYOLxYEKL
UK house prices rise 1.3% in January as mortgage rates tumble https://t.co/KKbWCHS6EP
UK House Prices Up At Strongest Pace Since 2022, Halifax Says - BBG https://t.co/YGEFwYx7Km
UK house prices rose at their strongest pace since the middle of 2022 as falling mortgage rates emboldened buyers to return to the market https://t.co/ojR4qfo038
UK Halifax House Prices (M/M) Jan: 1.3% (prev 1.1%) - Halifax House Prices (Y/Y) Jan: 2.5% (prev 1.7%)
⚠️ UK HOUSE PRICES ROSE 2.5% IN ANNUAL TERMS IN JANUARY: HALIFAX (Reuters) British house prices rose 2.5% in the year to January, data from mortgage lender Halifax showed on Wednesday. In month-on-month terms, house prices rose 1.3%..... For more on this story, check out PiQ… https://t.co/PsFKJEDZgK
🔴 UK HALIFAX HOUSE PRICE INDEX JANUARY 2024 REPORT https://t.co/6RLnAzWR6t
UK HALIFAX HOUSE PRICES YOY ACTUAL 2.50% (FORECAST -, PREVIOUS 1.70%)
🔴 UK HALIFAX HOUSE PRICES MOM ACTUAL 1.3% (FORECAST -, PREVIOUS 1.1%) $MACRO
The IMF says China's housing bust is occurring at "a historically rapid pace only seen in the largest housing busts." It is important to pay attention right now. @NewsLambert breaks this down for ResiClub readers. READ: https://t.co/W8KrfqdN8b
China grapples with severe housing bust IMF says China's housing bust is occurring at "a historically rapid pace only seen in the largest housing busts in cross-country experience in the last three decades" https://t.co/MdyA7TiFsJ
Greater Toronto area home sales jumped in January while new listings increased more slowly, in a tightening of market conditions that could lead to a resurgence in house prices in the coming months, data showed https://t.co/44ZsdxOBM1 https://t.co/DhxSFZkmgD
House prices have risen even though the amount that buyers can afford to pay for a home has fallen and the gap is now so wide it would take as many as 10 interest rate cuts to close it. https://t.co/V4L0M7ugMR
Home sales jump 38 percent for Seattle market in January, as stable interest rates bolster seasonal uptick https://t.co/uTvANX1CIx
Our monthly Common Haus Price Index (CHPI) recap from @HousingRalph is live, and our January data is showing U.S. home price growth rapidly accelerating. More here: https://t.co/hHT2n3Ax2Y
China is facing the US financial crisis 'on steroids' as the real estate market collapses, famed hedge fund boss says https://t.co/tNPyHSEZc5
NAR released a summary of pending home sales data showing that December’s pending home sales rose 8.3% from last month and increased 1.3% from a year ago. This would be the highest since July of 2023. https://t.co/3Hl74ahcB9 #NARPHS
"Home sales were up in January by 37 per cent compared to the same time last year" https://t.co/yXDVfhPQk8
💥CHINA STOCK MARKET CRASH "This is just like the U.S. financial crisis on steroids." - CNBC 👀 https://t.co/3ZKvUCEA1X
Kyle Bass on China: "This is just like the U.S. financial crisis on steroids." https://t.co/iVRkuboxS0
“Every single property developer in China that’s public or listed is in default... this is just like the U.S. financial crisis on steroids,” says @Jkylebass. "China’s gonna get much worse… imagine regulators blaming a 15-year swoon on their stock market on short sellers.” https://t.co/rIfOG2xEp5
Two more charts for you this week. Pending home sales are just 2% higher than the same week a year ago. The year over year sales growth we saw in December has definitely slowed this month. Prices of those homes are 5% higher. https://t.co/aFEN5hCVBo
Are rising mortgage rates already deterring home buyers? Strong economic and jobs growth news has pushed the 10yr yield higher and mortgage rates are jumping too. Rates are 40bp higher than a month ago and 100bp higher than a year ago. The housing market has been showing signs… https://t.co/YJE6ZQ53SK
The median home asking price rose by 7% YoY in January, the largest increase since September 2022. @Redfin https://t.co/CWvdFUT26j
Falling mortgage rates boosted home-shopping activity in January https://t.co/y64vUhiHGu https://t.co/y64vUhiHGu