National Real Estate News
Thank you!
As we move into a new year, I wanted to express my gratitude for all my amazing clients. With high mortgage rates and low inventory levels, 2023 was extremely challenging! But your trust and collaboration made the past year truly extraordinary. Wishing you a wonderful start to 2024! Here's to creating more amazing home stories together!
Prices grind higher
Case-Shiller's national home price index rose 0.6% month-over-month in October 2023 - the 9th-straight monthly increase. Year-to-date, the national index is now up 5.4%, with the major city home price indexes up between 1.0% (Portland) and 8% (San Diego and Detroit). 13 of the 20 big city indexes are at record levels, having already erased the modest price drops seen in 2H 2022. [Source: S&P Global]
Rates rollercoaster
It's easy to forget that average 30-year mortgage rates ended 2023 at roughly the same level that they started the year: 6.4-6.7%. [Source: Mortgage News Daily] But remember: in early 2023, the Fed was still lifting short-term interest rates aggressively. In contrast, we start 2024 with the Fed likely to begin cutting rates in the first half. Inflation is clearly under control, and the Fed wants to ensure that high rates don't choke the economy.
