Here is a bit of an update on market conditions. The average rate for a 30-year fixed rate mortgage has increased to 7.49%. The 10-year Treasury yield rose to 4.58%. Existing home sales fell 0.7%, down 15% YOY. Pending home sales fell 7.1%, or 18.7% YOY. The GDP grew 2.1% annualized, up 2.6% YOY.
The FED did not raise Interest Rates in September. The Chairman said rates would not be reduced until inflation comes down, which it is slowly.
We are entering the winter market, which slows in the northern states. We are entering an election year. Typically, in election years the incumbent party tries to hold the economy steady to mildly increasing, to enhance their chances of re-election.
Altogether, the economy is slowly growing, Inflation is slowly declining, and we are entering a period that is typically more stable. I don’t anticipate any major changes in the market in the next few months but hopefully it will remain stable to slightly growing.
The rental market is competitive. With the rise in owned housing cost, apartment developers are active. There are multiple new apartment projects throughout the area. While rents remain high, renters have a greater selection of new products making older, dated, or rough property harder to lease.
