Federal Reserve Chairman Jerome Powell’s hawkish speech at Jackson Hole last Friday sent the Dow Jones Industrial Average spiraling down over 1,000 points on Friday. The slide continued on Monday, but the movement wasn’t quite as dramatic as last week.
Just when you thought home prices were headed to the next galaxy, buyer apathy is starting to reverse course. A recent report reveals average home prices declined 0.77% in July. If you’re thinking big deal, think again. This fraction of a percent is the largest one-month price drop in 11 years. And some larger markets out west have seen home prices drop an average of 4-10%. All good news for homebuyers who’d all but given up because of affordability issues. Let’s hope the trend continues.