Monday Market Update: Freddie Mac Weekly Report
The word of the week (and maybe the year!): rebalancing.
This week’s Monday Market Update is short & sweet as many individuals and families celebrate the unofficial end of summer and head back to school and work routines. While we have been following the changes in the market, we wanted to share the latest Freddie Mac Weekly Report from NAR® which explains that “Markets are seeking more certainty around the economic outlook, as incoming data continue to highlight a steady level of business activity and consumer spending.”
Senior Economist & Manager of Economic Research George Ratiu states:
“Real estate markets continue on the path toward rebalancing. The inventory of homes for sale increased solidly in July, moving toward levels not seen since mid-2020. With more available properties and less competition, more homeowners are beginning to adjust to the new reality and resorting to price cuts to incentivize buyers. The share of listed homes with price reductions reached 19% in July, closing in on levels we haven’t seen since 2017. Moreover, median prices retreated from June’s record-high, as the pace of growth moderated. These shifts point toward a welcome change for buyers who are still in the market. The upcoming fall season may offer an even better window of opportunity, as long as the inventory landscape continues improving, as we’ve seen in recent months.”
You may wish to read the brief and view the mortgage rate snapshot here.
BONUS NEWS: Another brand-new release from NAR® reveals that 148 out of 185 metro US markets saw double-digit price increases in Q2 of 2022. (Don’t be surprised if you don’t see any of our Bay Area markets on this list; our home prices typically peak before many of the markets and are then moderating as others reach their peak.)
All my best,
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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