A slight uptick in inventory this week, and over the past month, but not nearly enough to ease the market inventory issue.  Despite the low inventory, homes continue to get gobbled up at certain price ranges, and even higher priced homes can be competitive in desirable areas.  Average DOM (days on market) continues its retreat downward from the 2022 spike when buyers vanished.  Mortgage rates have consolidated under 7% the last week or so.  We have a monster week of economic data with CPI (consumer price index) hitting this morning followed by the FOMC meeting and its rate hike decision, is a pause in the cards?  I would certainly hope so as inflation continues its cooling trend, and banks continue to tighten on credit.  If we get a pause on rate hikes, we should see a nice positive development in mortgage rates.  That's what I'd like to see.
Locally, we are nearing the seasonal peak in home prices and activity.  The interesting part is we took so long to get our seasonal inventory bottom, so maybe everything gets pushed back this year?  I believe that will be interest rate data dependent, as many buyers continue to wait on the sidelines.  The main question is what gets the traditional seller to sell?  It's just too good to stay put at the moment.  Let's see.

If you're looking for a good time, I encourage you to take a look at the CB Extravaganza piece I included further down in this newsletter.  I've already bought tickets.  Eat good, drink good, hang with friends for a good cause.  Let me know if you decide on some tickets!

What are you seeing or hearing? I'd love to know paul@guiderealestate.com