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Market Update Market Update California labor markets signaled full steam ahead in the latest jobs report released Friday with hiring posting its best showing in 6 months. However, the underlying details suggest that things may not be as rosy as the headline numbers suggest, which may help to provide cover for the Fed to lower rates later this year. […]
Market Update Market Update The Olympics is officially over, and the market’s attention is back on inflation. Two reports on inflation will be released this week and will hopefully provide more evidence that prices remain on a cooling trend. Another report on retail sales is also scheduled to come out before the end of the week and should offer […]
Market Update Market Update The summer remains hot, and the Olympics has taken over. The Federal Reserve, meanwhile, is ready to cut rates for the first time in more than four years in the upcoming September FOMC meeting (or sooner), especially since the last jobs report suggested that the labor market is cooling faster than expected, and the stock […]
Market Update Market Update Latest inflation data continued to provide hopes that the Fed could begin cutting rates in the near term. The financial market has been reacting positively to the good news and consequently led to mortgage rates dropping more than 30 basis points since early July. With rates trending down in recent weeks, the housing market is […]
Market Update Market Update Latest inflation data continued to provide hopes that the Fed could begin cutting rates in the near term. The financial market has been reacting positively to the good news and consequently led to mortgage rates dropping more than 30 basis points since early July. With rates trending down in recent weeks, the housing market is […]
Market Update Market Update Mortgage rates rose further two weeks ago as the latest macroeconomic report shows that the U.S. economy continued to grow moderately with inflation remaining sticky and declining slower than expected. Despite being in an environment where rates stay higher for longer, there are signs that suggest that housing consumers are gradually adjusting to the new […]
Market Update What to Expect in 2024 I anticipate our local real estate market will be in flux in 2024 for the following reasons: Interest Rate Reduction: I foresee interest rates adjusting downward this year, likely prompting increased buyer activity. With rates becoming more favorable, expect a surge in home sales across all price brackets. Buyers are adapting to the notion that […]
Market Update Looking Back at 2023 & Looking Ahead to 2024 Looking back there were four major economic events that defined the real estate market in 2023. FLUCTUATING INTEREST RATES: he trajectory of interest rates defined much of 2023’s real estate landscape. Beginning the year around the mid-6% range, mortgage rates fluctuated between 6% and 7.30% in the initial months. However, from mid-May to mid-October, there […]
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Market Update Market Update After a dip in rates spurred a boost to housing in January, the recent increase back above 7% demonstrates that the rebound will be bumpy as pending sales cooled. Still, all signs indicate that buyers have begun to adjust to more normal rates than we enjoyed during the pandemic as several key indicators of market […]
Market Update Market Update The housing market had a tough year in 2023 as tight supply and high costs of borrowing continued to have a negative impact on supply and demand. Easing inflationary pressure and a soft economic outlook, however, suggest that there will be some interest rate cuts on the horizon in 2024, which bode well for a […]
Market Update Market Update Mortgage rates continue their upward climb as daily rates top 8% several times over the past week. This comes as the bond market continues to price in “higher-for-longer” and rates for 10-year notes are quickly approaching 5% after remaining relatively flat through the first half of this year. Despite this, consumers remain a driving force […]
Market Update Market Update The sharp increase in mortgage rates in the past month was due primarily to the Fed’s announcement at their latest FOMC meeting that rates will be kept “higher for longer”, which dashed market participants’ hope for more significant rate cuts in 2024. Despite the initial increase, rates have shown improvements last week as several Fed’s […]
Market Update Market Update Buyers and sellers’ sentiments remained virtually unchanged in August as housing market participants wait for more signals on what the Fed’s next move will be in the upcoming FOMC meeting. With the economy looking stronger than what was anticipated six months ago, interest rates will remain elevated for a little longer. Consumers could be tapped […]
Market Update Market Update Rates have risen sharply in the past few weeks, but the housing market has weathered this rise relatively well. Although the primary measures of mortgage demand show that homebuyers remain affected by higher rates, the gap between 2022 and 2023 levels has yet to widen noticeably. In addition, rates have begun to inch down slightly […]
Market Update Market Update Housing affordability remained an issue in the second quarter and the problem will persist in the second half of the year as rates continue to stay high. Despite inflation easing closer to 3% in the last couple months, rates have been climbing further in the last two weeks as food and energy prices are expected […]
Market Update Market Update Mortgage rates stay close to their recent high nearly two weeks after the Fed announced another rate hike in late July. Elevated rates have been affecting buyers and sellers’ sentiment and the market will continue to observe low sales in July and August as a result. While the labor market is easing, wages continue to […]
Market Update Market Update 7.25.23 June home sales came in below the 300,000-benchmark for the ninth consecutive month, as rates remained elevated in the past couple of months. The year-over-year decline, however, moderated further with the annual dip dropping below 20% for the first time in 12 months. Meanwhile, the statewide median price remained above $800,000 for the third straight […]
Market Update Market Update Week June 19th, 2023 The Federal Reserve met last week and decided to pause rate hikes in their latest FOMC meeting.  While the Committee held the fed funds rate steady this time around, Fed Chairman Powell suggested that they are prepared to raise rates a couple more times, or another 50 bps, this year to tame stubborn inflation. Next […]

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