Near Historic Lows for Supply

Even with the jump in rates and consequent impact on purchasing power for potential homebuyers, housing supply remains the largest obstacle to more home sales. Fortunately, the inventory shortage has begun to thaw very slightly of late. New listings have been growing on a year-to-year basis providing more options to buyers that are finally beginning to replenish closed transactions each month. However, the number of homes reaching the market are still too few to prevent rising competition as we enter the spring home buying season.

Home sales are expected to moderate in response to this more recent jump in interest rates, but the strong economic data and low levels of unemployment continue to put pressure on a housing market that is near historic lows for supply.

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DID YOU KNOW?
While lower rates would fuel housing markets more than anything, a growing economy is equally important: US GDP Growth has outperformed expectations based on a combination of government spending, increased immigration, and resilient consumer demand. Recent estimates point towards slowing growth in 2024, but above 1%. Economists now believe inflation will dip to 2,54% by the end of this year. (WSJ)
 
DID YOU KNOW?
Applications to refinance a home loan jumped 10% for the week and were 4% higher than the same week one year ago. Applications for a mortgage to purchase a home fell 5% for the week and were 23% lower than the same week one year ago. (CNBC)

DID YOU KNOW? 
The seller of a flipped home within 18 months in California is required to detail all improvements/renovations along with identifying the receipts for the work and the contractors with contact information who did the work.
 
DID YOU KNOW?
The military, which often operates in the extreme intensity of life and death and in the fog and uncertainty of war, uses the term ‘OODA loop’: Observe, Orient, Decide, Act—Repeat. This strategic process employs constant review, analysis, decision-making, and action. One cannot overemphasize the importance of observation and a full assessment...as the failure to do so leads to some of the greatest mistakes, not only in war but also in business and government. (Dimon assessment, The Wealth Advisor)
 
DID YOU KNOW?
California may be a high tax state, but it's one of the biggest wealth-creators - via real estate - in all of the US. 64% of homes listed are $1 million and above, the highest in the nation. 12% are $5 million or higher. In 2023 the average California homeowner had over $634,000 in home equity. (CNBC/Corelogic)
 
DID YOU KNOW?
20 Years ago this past week G-Mail arrived in our world and topped out at 15 MB, about the size of this one email. (NYT)