A Housing Market Mystery Haunts Wall Street's 2024 Forecast: Surveillance
The dynamics are “still very confusing to the Fed,” Northern Trust’s Tannenbaum says
Higher mortgage rates have helped distort the existing-home market in the US, as many owners opt to stay put.
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Try to understand this: Yesterday, we got data that showed median new home prices had plummeted 18% year over year. Today, a national gauge of existing home prices rose for an eighth straight month, surging to a new record high.