Boston condo buyers not happy with the Fed Chairman. Find out why.
Boston Condos for Sale and Apartments for Rent
Federal Reserve Chairman Jerome Powell played the Grinch last week for the housing market, sending mortgage rates higher after his remarks at the Fed presser on Wednesday. Despite this, we had positive data on existing home sales, purchase applications, and our weekly pending contract figures. Total active listings are experiencing their traditional seasonal decline, but with less than two weeks left in the year, it’s evident that there are ready homebuyers in America. However, we need lower mortgage rates to grow sales in a bigger fashion in 2025.
Purchase application data
Purchase application data rose 1% weekly and is up 6% year over year, even with a higher bar to work from. In the last two years, we have seen an increase in purchase apps in November and December, both of which came when mortgage rates fell. However, this year, mortgage rates rose during this timeframe. I believe the seasonal demand in purchase apps is now happening in November and December, which also explains the stronger data this year and the last few years.
Purchase apps in the last 10 weeks:
- 6 Positive
- 4 negative
The last few weeks have shown a positive year-over-year growth trend, as illustrated in the chart below. I typically disregard the last two weeks of the year, and the Mortgage Bankers Association won’t report those figures until the new year. Therefore, I’d like to conclude that 2024 ended the year slightly positively.
Updated: Boston Real Estate Blog 2024
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