What’s Up with Real Estate? 12/13/2024
National Real Estate News
Inflation gets stuck
The November CPI (Consumer Price Index = inflation for you and me) was the last major piece of economic data before the Federal Reserve makes their next interest rate decision on December 18. Both "headline" and "core" (stripping out food & fuel) CPI rose by 0.3% month-over-month in November, which lifted "headline" annual CPI from +2.6% YoY --> 2.7% YoY, while "core" annual CPI was stuck at +3.3% YoY. [Source: BLS]
A little lower
Having jumped 100 basis points (1%) between the Fed's first rate cut on Sept 18 and the US Presidential Election on Nov 5, average 30-yr mortgage rates have been drifting lower recently, briefly moving below 6.7% last week. Looking at transaction volumes over the last two years, the magic number seems to be 6.5%. Below that level, buyer (and seller) activity picks up markedly. [Source: Mortgage News Daily]
What's on your wishlist?
If you've been dreaming of celebrating the holidays in a new home, you don't have to wait until spring. The weather outside may be frightful, but that can make the competitive environment delightful (more homes for sale and fewer buyers)! Give yourself the gift that keeps on giving: comfort, security, family memories, and wealth creation too! Happy Holidays!
Local Market Trends
As of Friday, December 13, 2024
Gemma Peterson
Here you can enhance your area’s housing market data with your own insights and commentary!
| Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market |
|---|---|---|---|---|
| Merritt Island, FL |
$560,000
0%
|
253
0%
|
14 |
71
0%
|
/
) from Nov. to Dec. 2024.Categories
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