Real Estate News 03/22/2024

Today’s News Synopsis:

Fed officials see the fed funds rate peaking at 4.6% in 2024. That suggests the Fed will cut rates by 0.75%. The Fed has moved in 25-basis-point increments over the last year or so, indicating the central bank expects to cut interest rates three times in 2024.

In The News:

Yahoo Finance – “Fed ‘dot plot’ suggests central bank will cut interest rates 3 times in 2024″ (03-21-24)

“The Federal Reserve signaled Wednesday it would lower interest rates three times this year, consistent with its previous December projection.”

Redfin-  “Housing Market Update: Supply Climbs 5%, Biggest Increase in Nearly a Year“ (03-21-2024)

“The total number of U.S. homes for sale climbed 5%,  the biggest year-over-year uptick since May 2023, during the four weeks ending March 17. New listings rose 15%, the biggest increase since June 2021.

Realtor.com –  “February 2024 Monthly Housing Market Trends Report” (03-18-24)

“According to Realtor.com® February housing data, the spring housing market could shape up to provide home shoppers with a more plentiful supply of less expensive homes than last year, as the number of newly listed homes has significantly increased, median listing price growth has slowed, and the share of home listing price reductions has increased to the highest February levels since 2019.”

CBS News – “Apartment complex in a backyard’ | ADUs tower over College East homes” (03-21-2024)

“Neighbors share their frustrations about the new rules that allow huge ADU complexes on one lot.”