Real Estate News – January 19 | Jacksonville, FL

Real Estate News – January 19 | Jacksonville, FL

Core inflation eases

The CPI (Consumer Price Index) report saw core inflation (excluding food & fuel) ease from +4.0% YoY in November 2023 to +3.9% YoY in December 2023. As a reminder, core CPI peaked in mid-2022 at 6.6%. [Source: BLS] While 3.9% is still a long way from the Fed’s 2% target, the downward trend is clear. The Fed is almost certainly done raising rates. The only question is WHEN they start cutting.

Core inflation eases
Settling below 7%

Average 30-yr mortgage rates have moved up slightly to 6.78%, but remain well below their recent peaks of just over 8%. [Source: Mortgage News Daily] While Fed members continue to talk tough on inflation, the market is still expecting rate cuts to begin in March, or at the latest May. Wouldn’t it be great if we got lower rates AND more inventory this spring/summer selling season?

Settling below 7%
Unlocking inventory?

A big reason why the 2023 spring/summer selling season was disappointing was that we didn’t get enough new listings. Many would-be sellers felt ‘locked-in’ by their low existing mortgage rates. But with the big move down in rates recently, things look to be improving. In December 2023, new listings were up 9% year-over-year and total inventory was up 5% year-over-year. [Source: Realtor.com]

AreaMedian PriceActive ListingsNew Listings – 5 daysMedian Days on Market
Jacksonville, FL
$320,990
Trend Arrow
0%
3171
Trend Arrow
0.1%
76
70
Trend Arrow
0.2%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Dec. to Jan. 2024.