This week, our real estate market saw some interesting changes, from the stock market's ups and downs to important reports that help us understand where things might be heading. Let's dive into what happened from March 25th to 29th, 2024, and see what it means for anyone thinking about buying or selling a home here.

Stock Market Swings:

The week started with the stock market dipping a bit, but by the end, things were looking up. These swings can affect how people feel about spending money, including buying houses. It’s like when you’re on a roller coaster – it can be a bit scary when you’re going down, but exciting when you’re going back up. This week was a bit of a ride, but it ended on a high note.

What’s Up With Mortgage Rates?

Even with the stock market’s roller coaster ride, the cost of borrowing money to buy a house (that’s your mortgage rate) stayed pretty steady. This is good news because it means people have some stability when planning to buy a home. Imagine trying to jump onto a moving train – not easy, right? Steady mortgage rates make planning to buy a house a bit easier.

The Fed Speaks:

This week, we heard from some key people at the Federal Reserve, which is like the big bank in charge of the country's money. Charles Evans from the Chicago Fed thinks we might need to lower rates three times to stop prices from going up too quickly. On the other hand, Raphael Bostic from the Atlanta Fed feels that one rate cut might be enough. These are important opinions because they help decide how much it costs to borrow money, which can affect everything from buying a house to how businesses grow.

A Week Full of Housing Reports

This week's national housing reports brought to light important data for the Spokane real estate market. Let's take a look at the facts straight from the source:

• Steady as We Go: The number of brand-new homes sold didn't wobble – it stayed as steady as last month. Imagine a well-balanced seesaw that's not tilting one way or the other; that's our market right now.
• Yearly Look: Jumping back a year, we've got a reason to smile because sales have gone up by 5.9%. That's like seeing more people at a community picnic this year than last – more folks are getting into new homes!
• What's Out There?: The number of homes waiting for owners is pretty much the same – there’s no big sale or shortage. But homes that are all done and ready to say 'welcome' are a bit of a hot ticket, not as many lying around, which can make them more special.
• Talking Prices: The middle price for a new house – that’s the median – took a tiny step back. But it’s not because builders are cutting their prices. It’s actually because of the types of homes that sold – more of the less expensive ones this time around. Think of it as more folks choosing the cozy one-bedroom homes rather than the big four-bedroom ones.
• Rental Trends: Apartment List’s March report noted a 0.6% rise in rent this month, yet a year-over-year decrease of 0.8%.
• Mortgage Health: CoreLogic data shows mortgage delinquencies are down to 2.8%, pointing to fewer homeowners struggling with payments.



By breaking down this week's new home sales, we hope to give you the full scoop in a simple way. Whether you’re dreaming about a new place or just curious about the market, understanding these numbers helps you see the bigger picture of Spokane's housing scene.

Digging Into the PCE Report:

Let’s talk about a big piece of news this week - the Personal Consumption Expenditures (PCE) report. It’s a fancy way of saying how much prices are going up for things we buy. Charles Evans and Raphael Bostic, and their friends at the Federal Reserve, pay a lot of attention to this report. It showed that things are getting a bit more expensive, but not as fast as before. This is important for the Fed because it helps them decide if they need to make changes to keep the economy balanced.

Conclusion:

From the stock market’s ups and downs to new home sales and important economic reports, this week gave us a lot to think about. Whether you’re buying, selling, or just keeping an eye on the market, staying informed helps you make better decisions. And don’t worry, we’ll be here to break it down for you, making it as easy to understand as sharing stories around the dinner table.