COLORADO SPRINGS“The statistics do not tell the entire story. We may show only a 1.1% drop in the median sales price for all properties, and a slight uptick in active properties, but the real
August Ends with Lack Luster Housing
Dated: September 14 2024
Views: 215
“With a 33.1% increase in listings and a lack of buyers, our August median price pushed up 3.7% but overall, sold properties were down 2.1%. The market is very unpredictable right now. If you are selling a home, it better be very nice, maintained and priced right. Anything other than that becomes hard to sell. Buyers have plenty of inventory to choose from and will likely be able to negotiate concessions, and maybe even a fridge along with a small price reduction. You would think we have become ‘balanced’ in the market, but it feels slower.
“Nationwide, even as rates drop, homebuyer sentiment continues to decline. The consumer index on housing dropped 4.1 points in August, the lowest in 11 years, according to The Kobeissi Letter. In August, U.S. monthly mortgage payments declined for the first time in 4 years. But house payments remained high. Each month I ask myself, is this the month housing pivots? But we know, not yet. In fact, the best is yet to come if history rhymes.
“The Federal Reserve is likely to drop rates in September. The only question is .25% or .5%. This about face from just a few months ago shows the Fed is now seeing what we all can see; the economy is not doing well. The Fed doesn’t drop rates if economies are fine. They drop rates when they realize they overstayed their welcome with keeping rates too high for too long. This typically ends up in a chase to the bottom with speculation now showing 150 basis points on drops for the remainder of the year. The ‘higher for longer’ will now turn to the ‘quicker the better.’ Now we can watch if unemployment begins to rise after the drops as it normally does. The next 6-18 months after the Fed pivot tend to not be great. Will we finally get to witness a soft landing, or will this one go down in flames? Time will tell,” said Colorado Springs-area REALTOR® Patrick Muldoon.
Patrick Muldoon
I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....
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