0959 ET - U.S. housing supply is increasing due to multiple factors, according to Redfin. The fading "mortgage rate lock-in effect" is a key reason. Homeowners with low rates from the pandemic are less reluctant to move despite higher rates now. Homes are staying on the market longer, with January sales taking 56 days on average, the longest since 2020. Demand is cooling as existing home sales dropped 1.7% in January, influenced by a 4.1% rise in median home prices to $418,581, which is 45% higher than pre-pandemic levels. Economic uncertainties like tariffs, federal workforce reductions, and return-to-office policies are also dampening buyer and seller enthusiasm. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 13, 2025 09:59 ET (14:59 GMT)
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