Thoughts on the Fed Chairman comments on housing
Boston Condos and Real Estate for Sale
Thoughts on the Fed Chairman comments on housing
“Time has come”: Fed chair signals September rate cut
Promising move for housing market stressed by mortgage rates, tight inventory
“The time has come for policy to adjust,” Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
Pressure to lower rates mounted against the Fed earlier this month when the latest jobs report indicated unemployment had reached 4.3 percent. The number isn’t historically high, though it indicates a sharp upward trajectory since last year, according to Powell.
He added the uptick was sparked by a “substantial increase” in the workforce and a “slowdown from the previously frantic pace of hiring,” not layoffs.
“Even still, the cooling in labor market conditions is unmistakable,” Powell said. “We do not seek or welcome further cooling.”
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At the Fed’s first announcement of the new year, at the end of January, it was implied that rate cuts would be coming at some point this year, though when has not been specified.
“With the hotter-than-expected CPI, notions of a near-term rate cut by the Federal Reserve are going up in smoke,” Hamrick says. “The battle against inflation has not yet been won, and the Federal Reserve cannot yet declare ‘mission accomplished.’”
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Thoughts on the Fed Chairman comments on housing
Thoughts on the Fed Chairman comments on housing
The Boston condo for sale market continues to be a topic of interest, as we enter into the cooler months herein New England.. Before sharing my thoughts on some notable trends and developments, I would like to mention the Fed Chairman recent comments. First off, his comments have created some fear in the Boston real estate community, as he has hinted new rate hikes are still possible.
Some Good News for Boston Condo Sellers
Despite challenges such as rising mortgage rates and decreased buyer demand, the Greater Boston area is experiencing steady price gains, creating a strong seller’s market. Let’s delve into the key insights from the latest housing market report by the Greater Boston Association of REALTORS® (GBAR)
Some Bad News for Boston Condo Sellers
A Slowdown in Sales Activity. The Boston condo for sale market faced a slowdown in sales activity, both single-family homes and condominiums seeing a decline in sales. Single-family home sales dropped by 23.4 percent year-over-year, . Similarly, condominium sales fell by 16.7 percent over the past year. This decline in sales marks the lowest activity for last month in over a decade, emphasizing the challenges faced by prospective Boston condo for sale buyers.
For more information on the Boston real estate market and how I can assist you in either buy or sell a Boston condominium please feel free to contact me at 617-595-3712, I’m available 24/7.
