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We have our first 3rd week market update of the year. Sellers showed their disgust for the lack of demand in December by removing their listings instead of lowering their prices. We can see this by the 25% drop in active homes for sale last month. Pending sales were down a bit while closed sales stayed in-line with November's numbers.
We saw our first positive purchase applications print albeit modest. As of Monday, my preferred lender posted her conventional 30yr rate at 5.75%, and FHA at 5.35%.
I'd really like to see rates hover here around 6% and lower. The DOJ pursuing the Fed Chair Powell criminally tried to mess things up for the markets, but the administration quickly walked things backed which helped maintain some order in the bond market. CPI was posted Tuesday morning showing another decrease in core inflation, so that is helpful.
We are smack in the middle of January which is typically the slowest time of year for many industries, real estate included.
My client at 3140 E Laguna Ct is having an Estate Sale this weekend, January 16th-18th. Go check it out.
See you next week!
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