We started off the year sort of seeing good buyer demand, good activity in the market, first part of February, dip down into the fives. And then as we start to hear more uncertain economic news, relative inflation and other things, interest rates start to climb, and really that reaction that maybe we’re not as far along in the fight against inflation as we thought is causing interest rates to rise. Other reasons for that as well, but let’s just sort of keep it at that right now. And that’s caused a lot of panic in the market and a lot of uncertainty in the market.
But here’s what I would tell you about this. If you think about this, you think about the last 30 days, we’re starting to see this range of interest rates. We get some good news on inflation and we’re there in the low sixes and high fives. We get this sort of negative news on inflation and it starts to send things a little bit higher. Like we’ve seen as we’re recording this, interest rates are right there just over 7%. And so I think as we define reality right now for our business, that is it.
Get the Full March 2023 Report