What's Up With Real Estate April 2025

Mortgage Rates Back Up, Are Rates Going to Come Down?

 

It's been an eventful month.....mortgage rates are back up, but, below 7%, amid a bit of economic uncertainty.  We continue to hope for lower rates this year, and briefly got excited about cooling inflation numbers that were released for March, but Fed Chairman Powell said tariffs could pose a challenge by increasing inflation and making it harder for the Fed to lower rates.
In a bit of trivia, according to NAR, Baby boomers are now responsible for 42% of all home purchases, many all cash, whereas millennials account for 29%, down significantly from 38% one year ago. Generation X's share was virtually unchanged at 24%. 
Locally, we have more inventory on hand, with many areas now in buyer's market territory, other areas on the cusp of turning into a buyer's market. See local stats below.