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California Weekly Market Data for week ending March 11, 2024

Interest rates creep down just a bit

Tomorrow’s inflation report will be crucial to the markets as they try to predict when the Fed will lower rates and by how much. Fortunately, Mortgage rates have fallen to 6.87% today, fueling further activity in the housing market.

Market data still looks encouraging

Pending sales in February rose for the 3rd straight month in February, showing that even the modest decline in rates we have seen this year are helping to get buyers off of the sidelines.

Revised Data Shows Booming Labor Markets Weren’t Quite So Strong

The State Employment Development Department (EDD) has recently finished its yearly benchmarking process, aligning its monthly survey-based employment estimates with the actual employment data reported to the state unemployment insurance system last year.

Home purchase sentiment climbs for the third straight month

Consumers were also slightly more optimistic last month about the economy, as an increasing number of them (31%) believed the economy was on the right track, a moderate improvement from January (25%).

Homeowner equity rises again in the fourth quarter

Homeowner equity increased solidly on an annual basis for the second consecutive quarter in Q4 2023, according to the latest CoreLogic Homeowner Equity Insights report.

Both closed and pending sales appear to have risen again in February and all signs point to a market that is heating up as days on market falls, the percentage of sellers discounting to attract buyers falls, and the percentage of home closing above list price rises.

SOURCE : California Association of Realtors

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