Americans shrugged off rising mortgage rates and bought existing homes in January at the fastest pace since 2007. Some potential buyers may be accelerating their home purchases to get ahead of any further increases in mortgage rates. In a balanced housing market, supply is usually equal to about six months’ worth of sales. “The level of inventories could be a much bigger challenge moving into much higher sales in the spring and summer.”That, combined with higher mortgage rates, soon could restrain sales. Last year, low mortgage rates helped offset rising home prices.

Source: Los Angeles Times February 22, 2017 17:44 UTC