News Updates

Economy Expected to Slow in 2024, Rebound in 2025

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Home Sales Likely to Weaken in Near Term but Bottom Out Early Next Year Economic growth remains likely to decelerate and ultimately result in a mild recession in 2024, followed by a return to growth in 2025, according to the November 2023 commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group. While the combination of ongoing employment gains and decelerating inflation has increased the likelihood of a soft landing,

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New listings were near their six-month high in October, helping drive an increase in pending sales, though buyers backed out of deals at the highest rate on record. The recent drop in mortgage rates could give sales another boost in November. U.S. pending home sales rose 1% month over month in October to the highest level in a year on a seasonally adjusted basis. That’s according to a new report from Redfin

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Austin, Denver, Seattle, Raleigh, and D.C. top the list of cities with the most momentum for STEM job growth Leading real estate advisory firm RCLCO Real Estate Consulting, announced the results of their 2023 STEM Job Growth Index (STEMdex), which projects which metropolitan areas will have the strongest outlook for growth in STEM jobs. Published annually since 2016, with the support of light industrial and office investment management firm CapRidge Partners, the STEMdex tracks

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Inventory Grows While Declines in Sales, New Listings Soften Seasonal declines in home sales and new listings softened in October while inventory grew for a seventh consecutive month across the 53 metro areas surveyed. Home sales dropped 4.6% from September to October, far less than the 13.5% month-over-month drop in October 2022. New listings also declined 5.0%, which was also less than half of the 11.1% drop from September to October last

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Market activity tracking closely to 2022 levels High mortgage rates, unrelenting prices, and low inventory have limited transactions throughout the Mid-Atlantic so far in 2023. Yet October showed the first signs of being similar to activity levels in 2022. New pending sales were only 3.2% lower than last year and some metros within the Mid-Atlantic had more new pending sales, and even closed sales, than in October 2022. “The resiliency of

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Rents fell for the second consecutive month to a national average $1,718 Multifamily fundamentals continued to soften and impact rents last month, according to the latest Yardi® Matrix National Multifamily Report. The average U.S. asking rent dropped $3 to $1,718 in October, with year-over-year growth moderating to 0.4 percent, down 40 basis points from September. Occupancy slid to 94.9 percent, marking the first decline in four months. Rent growth turned negative in 14 of Yardi Matrix’s top