Market Update from 9/30/2022
Inflation trends – the Fed expects to continue to raise rates
Inflation continues to be a negative factor, which the Fed believes it can control by raising interest rates.
Unemployment trends – Initial claims for 9/24 fell to 193K – a drop of 16k, while Continuing claims also fell by 28K to 1.5 million
Consumer confidence index – Price growth continued to accelerate in August
Mortgage rates – the average mortgage rates hit 6.7% another high, the highest in 2 decades, forcing buyers to spend another $900 higher than 9 months ago
New home sales trends climbed higher
Active listings jumped 26.2% -732,276
New listing 438,044 – 9.8% YOY
Pending listings 468,990 – 23.7% YOY
Median price $427,259 + 13.9% YOY
Share with price reductions 19.5% + 8.6%