Real Estate News 01/26/2024

Today’s News Synopsis:

According to December 2023 data from Rent.com, Sacramento saw the largest shift with rents falling over 6.5% to a median of $2,537 monthly. In the Riverside metro area, rent prices fell by more than 3.5%.

In The News:

KTLA – “Rent prices are down in California’s largest cities, except one“ (01-26-24)

“In California’s largest city, however, rent prices were up year-over-year. The analysis found that Los Angeles saw median rents rise to $3,515 per month in December, 4% higher than December 2022.”

NAR –  “NAR forecasts a 13% increase in existing-home sales from 2023 to 4.62 million” (01-26-2024)

“Pending home sales in December elevated 8.3%, according to the National Association of REALTORS®. The Midwest, South and West posted monthly gains in transactions while the Northeast recorded a loss. The Midwest, South and West also registered year-over-year increases while the Northeast had a decline in transactions compared to last year.”

Redfin –  “Redfin Home Price Index: Prices Rose 0.4% in December—the Smallest Increase in Six Months” (01-23-2024)

“U.S. home prices climbed 0.4% month over month in December, the smallest increase since June. December represented the third straight month of slowing price growth. On a year-over-year basis, prices rose 6.6%.”

CNBC –  “Fed’s favorite inflation gauge rose 0.2% in December and was up 2.9% from a year ago” (01-26-24)

“The core personal consumption expenditures price index for December, an important gauge for the Federal Reserve, increased 0.2% on the month and was up 2.9% on a yearly basis.”

Yahoo Finance –  “Biden vs. Trump on the economy: And the winner is …” (01-26-24)

“As odd as the 2024 presidential rematch between Joe Biden and Donald Trump is likely to be, one familiar pattern will likely hold: The state of the US economy will be the main issue for voters.”