"January Home Sales Rebound Despite Looming Mortgage Rate Concerns"

The US housing market continues to struggle, with the median price of existing homes dropping to $379,100 in January, down 8.4% from its peak in June 2022. Demand has collapsed, with sales down significantly compared to previous years, and the number of active listings at its highest since January 2020. Additionally, the median days on the market rose to 69 days in January, reflecting the slow pace of sales. The market is characterized by adequate but not ample supply, rising days on the market, and a national median price that failed to reach an all-time high for the first time since the Housing Bust, as potential buyers and sellers adopt a wait-and-see approach amidst rising mortgage rates.