What did the Fed Presidents say yesterday?
Several Federal Reserve presidents from multiple branches spoke on Thursday. The overwhelming sentiment is that they’re in no great rush to cut interest rates. New York Fed President John Williams stated, “There’s no clear need to adjust monetary policy in the very near term.”
Boston Fed President Susan Collins went on to say, “Recent data suggest it may take more time than I had previously thought to gain greater confidence in inflation’s downward trajectory, before beginning to ease policy.”
Richmond Fed President Thomas Barkin, known for his concerns over inflation, echoed the same thoughts. When asked about the latest inflation metrics, he said the numbers “did not increase my confidence” that inflationary pressures were easing.
Next month’s report is almost a month away. Next week, we get more Fedspeak and retail sales data to help give the markets direction.
Where are home prices starting to see cuts?
A recent article in Newsweek detailed housing markets that are seeing reductions in home prices. At the national level, 20.1% of home listings saw a price cut in February 2024, but some metro areas were more affected than others.
The metro area that leads the nation in price cuts in February? Tampa, FL saw 33% of home listings get a price reduction in February 2024. Phoenix, AZ came in second place with almost 32% of listings seeing a cut in price, and San Antonio, TX had 27% of its listings reduced in February 2024.
Orphe Divounguy, senior economist at Zillow, stated, “After a drought of activity in the housing market, nobody is quite sure how to price their home,” he told the website. “Successful sellers are those who adopt [a home builder’s] strategy,” meaning price cuts and concessions.
Could repurposing older buildings add to home inventory?
If you don’t mind living in a unique space, a repurposed building may make sense as an affordable alternative to a single-family home. For example, Realtor.com recently highlighted a 100-year old bank building in Lewiston, UT that’s currently on the market.
The building needs nearly a complete overhaul, but a lot of the work has been started by the current owner. For the asking price, only $249,000, the building may take some work, but it has the potential to become an outstanding single- or multiple-family home.
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