By Shawn Jaryno, Associate Broker, EXIT on the Hudson Realty, NJ
Market Update: As I have posted in the past, I developed a predictive model to give better insight into the movement of the real estate market in as close to real time as possible.
As of today, March 23, we are running 8% behind the same period last year.
Because of the deviation of the model, that puts home sales down at the national level for 2023, -2% — -8%. At the beginning of the year, I suggested we would be most likely flat to slightly down. We still have 9 months to go, but this seems to be still holding true as we come to the closing of the 1st quarter of 2024.
The disconnect of the marketplace will still put upward pressure on pricing until we see an economic break down that forces inventory to rise, as interest rates will not be budging much this year not much will change.
I would expect a 1/4 point at most as the conditions are showing inflation is extremely sticky, a rate hike another 1/4 point is not out of the equation either. #listillio #market #realestate #realtor #realestatemarket #interestrates Listillio