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California Weekly Market Data for week ending January 15/24

Updated: Jan 23

Inflation rises more than expected in December

Looking ahead, the headline CPI should decline further in coming months and will likely drop below 3% year-over year by the end of 2024.

Short-term inflation expectation dips to the lowest point in three years

The slowdown in inflation expectations is a positive sign that prices will continue to ease later this year, as expectations can feed into actual inflation and could turn them into self-fulfilling prophecy.    

Mortgage rates inch up in the second week of 2024

The average 30-year fixed rate mortgage (FRM) reported by Freddie Mac for the week ending January 8 climbed again, albeit slowly, to the highest level in three weeks.

U.S. foreclosures up in 2023 but remain below pre-pandemic levels

With home prices expected to increase in 2024 and the economy likely to experience a mild growth this year, foreclosure activity could fluctuate but is not expected to increase sharply in the next 12 months.

Small business optimism ends the year with a positive note

Inflation was the biggest issue facing small businesses last month, while hiring remained a challenge for many owners. Despite the recent bounce-back, the index remained below the historical average of 98 for the 24thth straight months.

These are encouraging signs that could kick start the housing market in the new year and could help turn the market around. If the sentiment remains upbeat and the upward momentum continues, we could see a bounce back in market activity in the near term.

SOURCE : California Association of Realtors

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