Buyer Demand:
Buyer demand staged a notable rebound compared to the previous week, with 168 homes transitioning to sale-pending status. Among these, 51 were new construction properties, marking a substantial increase from the previous 23, while 117 were resales, showing a significant rise from the prior 90.
Supply of Homes:
The total housing supply continues to hovers around the 1300 mark. Among these, there were 248 fully completed new-construction properties (an increase from 215), 240 homes under-construction (a slight decrease from 253), and 821 resale homes (up from 809).
Inventory Rate:
The inventory rate serves as a pivotal indicator, providing insight into the balance between supply and demand. Based on last week’s sales pace, the overall inventory dwindled to a mere 1.8 months.
Building Permits:
Interest Rates:
Mortgage rates continue to hover above seven percent nationally. 
Fed’s Dot Plot
The Fed’s dot plot is a chart updated quarterly that records each Fed official’s projection for the federal funds rate. Each dot represents one Fed official. When the Fed is fully staffed, the dot plot has 19 individual projections. Most Fed watchers focus on the Fed’s median dot.
The dot plot provides helpful insights into what the Fed is currently thinking and projecting, but there are obvious caveats. Namely, the Fed can quickly pivot into different policies, and outcomes can differ significantly from their current projections. The Dot Plot currently indicates one more rate increase for 2023 is likely.
*Although the author attempts to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Go to Disclaimers and Methodology.
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