Quick blog this week. Given we just have our second week in the books it seems going into detail about Y-O-Y is an exercise in repetition.
While listings were up almost 14% Y-O-Y both Pendings (-8.5%) and Closings (-3%) continue to lag behind their previous year. You'll note we're not talking about big numbers here but it is worthy to point out showings are down over 13% which is a downward move we have not seen in some time.
The market desperately needs a significant rate reduction down into the 5's (currently hovering just over 6.5%) we equally need to see stability in the Fed's approach to the American economy. Their frequent "we may move rates down a little" "we may not move rates at all" is confusing to home buyers. Instability is never our friend.
Until next week when we should have more insight to share...
HAPPY NEW YEAR!
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