Last fall, price increases began to slow. But that trend reversed in January, with the year-over-year jump in prices being the fourth largest in the 35 years of data.
"The macroeconomic environment is evolving rapidly. Declining Covid cases and a resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response," said Lazzara."We may soon begin to see the impact of increasing mortgage rates on home prices.
"The world has changed considerably since the start of the year, with a host of events shuffling the economic and real estate landscape," Ratiu said. "Globally, Russia's invasion in Ukraine destroyed human lives, along with a long stretch of relative stability in Europe. The continuing war is impacting global trade and leading to renewed disruptions in supply chains."
In the US, inflation surged to levels not seen since the 1980s, prompting the Federal Reserve to increase the federal funds rate and signal much more aggressive monetary tightening in the coming months, he said.
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