Hi everyone!
It’s a rare bonus—we’re closing out the month with a fifth-week newsletter special. As we head into May, I want to make sure you have the latest insights to stay in the know about our local real estate market and the broader economy.
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Here is what is happening this week:
The Economy: What to Watch It is a big week for national economic news, which often influences our local housing market:
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Inflation Watch: We are seeing updated PCE (Personal Consumption Expenditures) data. Think of this as the Fed’s preferred "temperature check" on how much things cost for the average consumer.
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Interest Rate Decision: The Federal Reserve meets today to decide on the federal funds rate.
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Leadership Transition: This is likely the final meeting headed by current Fed Chair Jerome Powell. Presidential nominee Kevin Warsh looks set to be confirmed as his successor. Mr. Warsh will have a significant task ahead of him as he balances the job market with the current inflation and jobs market landscape.
Real Estate: What’s Moving How is all of this affecting your home search or sale?
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Mortgage Rates: Rates are currently holding in the low 6% range.
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Buyer Activity: This stability has led to two back-to-back weeks of positive purchase loan applications, suggesting buyers are feeling a bit more confident about entering the market.
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Inventory & Pricing: We are seeing more homes coming onto the market both locally and nationally. Meanwhile, home prices are remaining steady, holding their ground with only minor fluctuations.
I look forward to continuing this conversation as we head into May!
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