Real Estate News 08/14/2024

Today’s News Synopsis:

The Consumer Price Index (CPI) rose 0.2% over the previous month, an uptick from June’s 0.1% decline amid a pickup in energy prices. The monthly increase in prices was in line with economist expectations.

In The News:

Yahoo Finance – “Inflation in line with expectations in July as investors eye rate cuts“ (08-14-24)

“A closely watched report on US inflation showed that consumer price increases came in line with estimates during the month of July, according to the latest data from the Bureau of Labor Statistics released Wednesday morning.”

Realtor.com –  “Experts Predict What the Real Estate Market Will Look Like Once Mortgage Rates Drop” (08-13-2024)

“Rates for a 30-year fixed mortgage plunged to 6.47%—the lowest in over a year—for the week ending Aug. 8, according to Freddie Mac.”

CNN –  “Inflation milestone: Consumer Price Index slows below 3% for first time since March 2021” (08-14-24)

“Price hikes slowed more than expected in July, and, for the first time in more than three years, the Consumer Price Index has landed below 3%.”

NAR – “Nearly 90% of Metro Areas Registered Home Price Gains in Second Quarter of 2024” (08-13-2023)

“A metro area’s median price surpassed $2 million (San Jose, Calif.) for the first time since NAR began tracking metro area single-family home prices in 1979”

CNBC – “The 10 most affordable places to live in the U.S. based on quality of life, the job market and more” (08-013-2023)

“U.S. News and World Report released its ranking of the cities with the lowest cost of living, based on the median gross rent and annual housing costs for mortgage-paying homeowners.”