What's Up With Real Estate?

Fed Hints Only 25 Basis Points Cuts for Rest of 2024

What Happened To Mortgage Rates?

An unexpectedly strong jobs report is prompting analysts and investors to rethink their forecasts for upcoming rate cuts. Instead of a hefty half-point reduction, a smaller quarter-point cut now seems more probable. Some experts even suggest the Federal Reserve might keep rates unchanged at its next meeting on November 7, though the jobs report is just one factor in the broader economic picture. Meanwhile, mortgage rates have shot up in the last few weeks. The CPI (Consumer Price Index) for September came out at a seasonally adjusted .2%putting the annual inflation rate at 2.4%. Both were 0.1 percentage point higher than forecast. Both core readings also were 0.1 percentage point above forecast. Crazy thing is that it looks like they may be close to pulling off the so called " soft landing".

Home Prices Still Rising

The Case Shiller Index came out and home prices are still rising. In addition to the 5.0 percent overall increase, July numbers increased annually for both of Case-Shiller’s composite indices as well, with the 10-city index up 6.8 percent and the 20-city index up 5.9 percent. The Los Angeles area saw a 7.23% year over year increase in July.

Locally, see below, it's still a mixed bag, inventory has leveled out, will have to see how inventory and lower rates impact the rest of the year.


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