Despite Tuesday’s disappointing home-sales numbers, some investors think the real-estate market is due for a turn.

Potential sellers have been held back by their reluctance to swap their current mortgages for new ones at higher rates, said Art Hogan, chief market strategist at B. Riley Wealth, adding that prospective buyers have been dissuaded by high prices.

“We’re getting ready to break that logjam,” Mr. Hogan said, because the sellers are getting used to the “new normal” of mortgage rates over 6%, while prices have slipped enough to entice buyers, especially the many millennials who are now in their mid-30s, an age when many people start families and establish households.

“I’m optimistic about the spring,” said Mr. Hogan.

WSJ 21 February 2023

https://www.wsj.com/articles/global-stocks-markets-dow-update-02-21-2023-a7067caf

Last week, U.S. mortgage rates marked their fastest increase in four months, rising again to 6.32% after mostly falling since mid-November. 

New data Tuesday showed existing-home sales fell in January for the 12th straight month.

Matt Grossman WSJ 22 February 2023

https://www.wsj.com/articles/rising-bond-yields-rattle-2023-stock-rally-516b5ddc