What’s on the financial calendar this week?
The following announcements, events and reports are scheduled for the week of 4/22 – 4/26.
Monday, April 22nd
None scheduled
Tuesday, April 23rd
S&P flash U.S. services PMI – April 2024
S&P flash U.S. manufacturing – April 2024
New home sales – March 2024
Wednesday, April 24th
Durable goods orders – March 2024
Durable goods minus transportation – March 2024
Thursday, April 25th
GDP – Q1 2024
Initial jobless claims – Week of April 20th
Advances U.S. trade balance in goods – March 2024
Advanced U.S. retail inventories – March 2024
Advanced U.S. wholesale inventories – March 2024
Pending home sales – March 2024
Friday, April 26th
Personal income – March 2024
Personal spending – March 2024
PCE index – March 2024 & year-over-year
Core PCE index – March 2024 & year-over-year
Consumer sentiment – April 2024
Which housing markets in California might need correction?
According to research by the team at Yahoo! Finance, there are several metro areas in California that are currently overpriced and could end up correcting course before the end of the year.
However, the market that tops the list probably isn’t the one you’re thinking of. Modesto, CA earned the top spot with an average listing price that is 31.9% higher than the expected home value. The average listing price in Modesto in March 2024 was $464,077, but the average expected home value is only $351,615.
Modesto is only 13% higher than the national median home price, so it’s not nearly as costly to live in San Jose where the average home listing is 75% higher than the national median home price.
Coming in at second place on the list was Stockton, CA with a 27.2% difference in its average listing price and average expected home value.
San Jose, one of the priciest metro areas in the country, came in at 10th place with a 13.5% premium on the average listing price when compared to the average expected home value.
What do homebuyers need to understand about the market?
A recent article from Business Insider detailed 10 facts that homebuyers need to know about the current market.
Coming in at the top slot was ‘Home prices are growing despite high mortgage rates.’ Existing homes have continued to appreciate in value despite the high-rate environment. This signals that there are enough buyers at current levels.
However, Ivy Zelman, head of Zelman & Associates research firm, said, “The single-family market is not oversupplied, and it’s more balanced,” Zelman said. “But it could become oversupplied if demand weakens because interest rates do negatively impact demand.”
The article also highlighted how existing home inventory is growing, new home sales have also increased, and spec building rates are at their highest levels since 2008.
When asked about new construction, Zelman stated, “There’s a lot of investment being made into the housing market right now by the builders that are still optimistic.”
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