The Fed, Inflation, NAR.......
The Fed kept rates unchanged at their March meeting. The projections of three quarter point rate cuts this year are still intact. The recent Inflation report, which came in at 3.2%, did not seem to alter the course of policy but Fed Chair Jerome Powell said inflation will be reviewed alongside all relevant data. Job growth came in strong but the unemployment rate rose to 3.9%, definitely something watch.
Year over year, S&P Corelogic Case Shiller Index showed that home prices increased 5.8% over a year ago. Corelogic is now forecasting a 2.6% increase nationally for 2024, lower than last month's 2.8%.
The big news that you have probably seen in all the major news outlets is the proposed settlement announcement issued by the National Association of Realtors(NAR). The main point to this is that, if the settlement is approved by the courts and DOJ, there will be changes. Too soon to predict the extent of the changes, but, the way commission is paid will change as the new proposed rules will have buyers negotiating their agent's commission as part of the offer process......more info to come!
Check out the market stats below..... the three month rolling period continues to show relatively flat prices for almost all areas.
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