Powell stays on message at Jackson Hole summit
Federal Reserve Chairman Jerome Powell spoke from the yearly summit at Jackson Hole, WY this morning. He didn’t really offer anything the market hasn’t heard before. He called inflation ‘too high’ and warned that the Fed is prepared to continue raising interest rates further.
His speech wasn’t quite as hawkish as last year’s that warned of ‘some pain’ but was more cautionary. To quote Powell, “Although inflation has moved down from its peak — a welcome development — it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”
Is there hope for home sales in the fall?
While it looks like August is going to end with elevated mortgage rates and stubbornly high home prices, there are signs that the market is shifting to more of a buyer’s market. According to Realtor.com’s economic data manager, Sabrina Speianu, “The median listing price has begun its typical seasonal decline. This week’s data shows a 5.9 percentage point improvement over last week.”
When asked about the fall outlook, Speianu stated, “As we look to the upcoming autumn season, which is typically the best time to buy a home, a glimmer of optimism emerges. If current trends in housing supply continue, “It does appear that more newly listed homes could be available than the record low set last fall and winter. By fall, we could even see homes selling faster than one year ago.”
Austin recruits 20 small developers for affordable housing projects
A joint venture between public and private entities to train smaller developers on affordable housing projects was kicked off in July and is running through October. The project is already showing signs of succeeding. According to a statement from the city, “This program will help provide small developers with training, mentorship, networking and potential pathways to financing for eligible real estate projects in Austin.”
“The Small Developer Training Program strongly aligns with our mission to educate individuals about affordable housing and increase housing opportunities through new development, explains Nora Linares-Moeller, Executive Director of HousingWorks Austin.
The goal of the project is to empower small businesses to better understand zoning laws, how to secure vacant land for small projects, and learn more about the process of getting a project approved through the local government.
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