Real Estate News 11/24/2023

Today’s News Synopsis:

In parts of San Francisco, the housing market is in dire straits. Consider the example of one swish apartment close to City Hall, with quartz countertops and a rooftop deck, which in 2019 sold for $1.25m.

In The News:

Yahoo Finance – “Why house prices have risen once again“ (11-23-2023)

“All this has taken most economists by surprise. Since the start of 2022 the rich world’s central banks have raised interest rates by an average of five percentage points. Economists thought house prices would crash as buyers’ purchasing power declined, mortgagors struggled to repay their debts and the economy slowed.”

NAR  –  “Highlights From the Profile of Home Buyers and Sellers” (11-21-2023)

“For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. ”

Yahoo Finance  –  “Fed minutes show central bank in position to ‘proceed carefully’ on future rate hikes” (11-22-2023)

“Federal Reserve officials are in broad agreement the central bank can “proceed carefully” when it comes to future interest rate decisions, minutes from the Fed’s Oct. 31-Nov. 1 meeting showed Wednesday.”