Rates still in a narrow range…

Rising prices fueled by limited inventory

According to Realtor.com, there were 26.2% fewer homes listed for sale in June 2023 than in June 2022, and 28.9% fewer than in June 2019.

This limited inventory has fueled competition among buyers, and caused home prices to rise in the first half of the year, especially in the Northeast.

Zillow reported that home values rose 1.4% in June, which was a very strong gain and follows a 1.4% rise in May. Home values have now risen 4.7% this year and are now at their highest level on record…so much for the housing crash.

Inflation is cooling

U.S. inflation fell to 3% in June, its lowest level in two years and closer to the Federal Reserve’s 2% target. Economists say a Fed hike this month is still likely, but may be the last.

“Low inflation means low mortgage rates. Therefore, decelerating consumer prices could steadily lift home sales and increase home production in a few months,” said Lawrence Yun, chief economist for the National Association of Realtors.

Higher rates stressing your buyers out? Give us a shot!

We’re so confident that we can do better that we’ll pay your buyer $250 if we can’t!!

Quick notes!

Boston will offer 75% tax breaks on office-to-residential conversions, to “meet City goals of creating housing units Downtown and having more consistent foot traffic throughout the week to support Downtown businesses (more)

The odds of a U.S. recession are falling, economists say, as inflation tumbles without the big rise in unemployment many expected. (Axios)

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