Market and Economics Nick Melzer, JD September 30, 2024
As we head into the fall, the U.S. real estate market is seeing significant changes, with the Federal Reserve cutting its benchmark rate for the first time since 2020. Mortgage rates are falling to levels not seen since early 2023, sparking renewed interest in home buying and refinancing. While home sales showed some seasonal weakening in August, a combination of lower rates and increased inventory could set the stage for stronger activity in the coming months. In this update, we’ll explore how these economic factors are shaping market trends, including home price forecasts, buyer behavior, and the growing impact of rising inventory levels.
The following economic indicators have large ramifications for the housing market, the national economy, and the confidence people have regarding the future.
The Federal Reserve Bank just reduced its benchmark rate for the first time in over 4 years. As illustrated below, once it determines that a change is warranted, the Fed can make significant adjustments quite quickly.
Interest rates have dropped substantially and it is commonly believed they will continue to decline in the near future - but predicting interest rate changes can be challenging to even the most qualified economists.
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As a former attorney, he knows what it means to represent a client zealously, competently, loyally, and with their best interests at heart and he firmly believes that everybody deserves that type of service from their real estate agent too.