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California Weekly market data ending September 25, 2023

Updated: Oct 16, 2023

Unemployment claims show labor market still tight

Although tightness in the labor market has been a source of upward pressure on inflation, remaining at or near full employment has helped broader macroeconomic growth perform above expectations over the short run.

New C.A.R. forecast shows stronger sales and prices in 2024

Last week, C.A.R. released its housing market and economic forecast for 2024, which predicts a modest increase in both home sales and in home prices next year.

Mortgage applications rise slightly after 8 consecutive declines

Demand for homes continues to come in well below the 15-year highs reached over the past two years, but new mortgage purchase applications perked up slightly last week despite rates trending higher.

Fed signals higher for longer strategy at latest FOMC meeting

The Federal Reserve’s Federal Open Market Committee (FOMC) met last week and voted to keep their target interest rate the same at 5.5%.

California market softens slightly ahead of winter amidst rising rates

The latest on California’s housing market shows that sales have not dipped back to the lows reached during the winter of 2022, which rates initially rose above 7%.

Homebuying demand, though still grappling with reduced affordability as rates remain above 7%, saw a modest increase last week, but market trends over the past 2 months suggest that buyers and sellers are beginning to negotiate more with most measures of competitiveness having eased slightly, but consistently, over the past 8 weeks.

SOURCE : California Association of Realtors

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