Real Estate News 12/15/2023

Today’s News Synopsis:

The median U.S. asking rent fell 2% year over year in November—the biggest decline since 2020—as landlords grappled with rising vacancies due to a building boom in recent years. But rents are still rising in the Midwest, partly because out-of-towners are moving in to get more bang for their buck.

In The News:

Redfin – “The Tide Turns for Renters as Asking Rents Post Biggest Decline in Over 3 Years“ (12-13-2023)

“The median U.S. asking rent declined 2.1% year over year in November to $1,967—the biggest annual drop since February 2020—and fell 0.6% from October.”

Yahoo Finance –  “Federal Reserve holds interest rates at 22-year high, signals 3 cuts next year” (12-14-2023)

“The Federal Reserve maintained its benchmark interest rate on Wednesday in a range of 5.25%-5.50%, the highest in 22 years, but signaled it will likely cut interest rates by a total of 75 basis points, or 0.75%, in the year ahead.”

NAR  –  “NAR Forecasts 4.71 Million Existing-Home Sales, Improved Outlook for Home Buyers in 2024” (12-13-2023)

“NAR predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023.”

Yahoo Finance –  “Mortgage rates fall below 7% for the first time in months with experts believing more declines to come” (12-152023)

“The average rate on the 30-year mortgage dropped to 6.95% from 7.03% the week before, according to Freddie Mac on Thursday. Rates fell for the seventh consecutive week and hit the lowest level since early August when rates were 6.96%.”

NAR –  “Mortgage Rates Dip Below 7% for First Time in 4 Months”(12-15-2023)

“Mortgage rates dropped below 7% for the first time since August, hitting 6.95% this week, Freddie Mac reported Thursday. It’s a holiday gift for home buyers who were sidelined in recent months by higher borrowing costs.”