Real Estate News 06/17/2024

Today’s News Synopsis:

Mortgage rates are likely to remain elevated through the summer, after Federal Reserve policymakers held the benchmark interest rate steady at their latest meeting.

In The News:

Realtor.com – “The Fed’s Latest Interest Rate Decision Could Affect a Housing Market Near ‘Breaking Point’“ (06-12-24)

“As expected, the Fed on Wednesday left the federal funds rate unchanged at a target range of 5.25% to 5.5%. The U.S. central bank has now held rates firm at that level for nearly a year, after rapidly raising them from near zero to combat soaring inflation.”

Redfin –  “Home Sales Fell to One of the Lowest Levels on Record in May’“ (06-14-2024)

“The median U.S. home sale price hit a record high in May as demand continued to outpace supply, with the number of homes for sale roughly 25% below pre-pandemic levels.”

CNBC –  “Inflation is slowing. Here’s why prices still aren’t going down” (06-12-24)

“Historical data suggests a key factor in bringing down prices is a slowdown in consumer spending. ”

NAR – “County Median Home Prices and Monthly Mortgage Payment” (06-13-2023)

“The interactive map above provides a visual representation of the median home prices for each county. Employing the House Price Index growth data from FHFA and integrating it with the latest housing statistics derived from the American Community Survey (2022 ACS estimates), we have computed median home values for 3,110 counties and county-equivalents across the United States.”

Yahoo Finance – “Housing: How the Fed will be reading into shelter inflation” (06-13-2023)

“Shelter prices rose 0.4% in May, according to key inflation data from the latest CPI (Consumer Price Index) print, rising 5.4% year-over-year. ”