Where did the December 2023 inflation metrics end up?
The final inflation report for 2023 came in a little hotter than expected. Analysts projected the annual Consumer Price Index to come in at 3.1%, but the annual CPI ended at 3.4%. The monthly CPI only rose 0.3% in December when comparing it to the month before.
Fuel costs only rose 0.2% month-over-month, but shelter costs continue to be the stickiest aspect of inflation. Shelter costs were more than half of the monthly ‘all-items’ increase.
This report makes it unlikely that the Federal Reserve will start cutting interest rates in March, but that could still change. We won’t know what the Fed will do until they do it, but they’re still not at their goal of a 2.0% inflation rate.
Which market is the best market for first-time homebuyers?
According to a report from Realtor.com, Irondequoit, NY is the best market in the U.S. for first-time homebuyers for 2024.
Located in Western New York, the town of 51,043 people has a median listing price of $187,000, a growing job market, good for commuting, and ranked well for ‘culture and liveliness’.
Mike O’Connor, the President of the Greater Rochester Association of Realtors, stated, “Right now, I think our entire metro area is a good deal. That’s one of the reasons why we continually make these top 10, top 100 places to be, is the quality of life. And the price of housing, even though our price of housing has increased substantially, we’re still one of the most affordable areas in the entire country.”
What do experts predict for the San Diego market in 2024?
While San Diego may not flip from a seller’s market to a buyer’s market in 2024, there may be opportunities to find housing in America’s Finest City.
When it comes to mortgage rates in San Diego, local experts are excited by the recent drop in rates. Spencer Lugash, the president of the San Diego Association of Realtors, said, “That’s a big factor in the affordability of homes to allow more buyers into the market and re-spark some excitement around real estate in San Diego.”
Inventory in San Diego remains low, but Julie Chang, a local real estate agent with Pacific Sotheby’s International Realty, claimed that demand for condos is lower than the demand for single-family homes, but houses are moving well in the area, and it’s critical to price correctly.
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