Raleigh home prices dipped slightly last month

Raleigh home prices climbed in January compared to the same time last year, but declined slightly compared to December.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

By the numbers:

• Raleigh's median home sales price hovered around $428,000 in January, up nearly 7% from last year and down less than 1% from December.
• Inventory was down less than 1% from last year.
• Homes sat on the market for a median of 65 days in January, more than twice as long as last January.

Zoom out: Nationally, median home sales prices have barely budged from one year ago and activity fell for the 12th month in a row, according to the latest from the National Association of Realtors.

• Sales are down 36.9% from the previous year.
• As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What’s next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

• Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.

What we're watching: In February, mortgage rates have risen to their highest levels since November, pushing many would-be homebuyers back out of the market, Axios reported.