Whether you’re thinking about buying a home or already own one, you should be aware of the latest prices and market trends. This will help you to make nepse live informed decisions about what to buy and what to sell.
Mortgage rates are skyrocketing
Historically, rising mortgage rates have led to recessions. But some economists say we’re not headed for an economic downturn.
The latest Federal Reserve interest rate hike has the potential to dampen demand for housing. And higher mortgage rates mean lower inventory, making it harder for homebuyers to find an affordable home.
While home prices haven’t cooled off too much, the average number of days a home was on the market last month was the highest in more than a year. And the latest report from the National Association of Home Builders says homebuilder confidence dropped to its lowest level in nearly two years.
While the price of a home may not have dropped that much, the interest rate on your mortgage payment has risen by more than two percentage points. That’s enough to add up to hundreds of dollars for a homebuyer, depending on the length of the loan and the terms.
Home sales are declining
Despite the housing market’s recent deceleration, prices are still at record highs. In fact, the average price of a home is now falling in 39 of the 100 largest housing markets.
The average price of a single family home was $825,000 in August, down from $840,000 in July. Mortgage rates have been rising at a rapid pace this spring, and the affordability of the housing market is being significantly damaged. The increase in mortgage rates has forced many Americans to remain in their homes, which is hurting demand.
The NAR’s new report on housing trends found that existing home sales fell in October for the ninth time in a row. Experts say that the fourth quarter of 2022 will see a further slowdown in sales. This will likely be driven by mortgage rates.
Inventory has shot up since the summer
Among the 50 largest metro areas in the country, the Phoenix metro area has the heaviest inventory. It also has the highest population densities of any major metropolitan area in the country. That’s a lot of products to schlep around.
It’s not all bad news though. In September, housing inventory actually climbed by 27 percent from a year ago. Construction of new homes has yet to fully recover from the 2008 housing crash, but the housing market is still the best it’s been in years. That’s good news for the aspiring Gen-Z set who are making their way up the property ladder.
The latest Federal Reserve report showed that there were fewer applications for market-rate rentals in the third quarter than a year ago. There were roughly 4 million housing loans for sale, down from 4.5 million in 2009.
The oh-so-boring housing market has had its ups and downs, but it’s looking up at the moment.
Pricing projections are based on splitting the difference between 2020 price increases and the crazy increases seen in 2021
Several factors are contributing to price increases across food categories. One factor is the rapid increase in food-away-from-home prices. Another is the broader inflation trend in the economy. Agricultural commodity prices have declined recently and are expected to ease price increases through much of 2022. However, prices for some products are still above pre-pandemic levels.
The latest Consumer Price Index (CPI) showed a 0.2 percent increase from August 2022 to September 2022. The year-date average for 2022 remains 21.6 percent above the average for 2020. The PPI forecast ranges for farm-level vegetables, dairy, eggs, and wholesale fats and oils were revised up this month. The forecast for fresh vegetables was 1.7 percent, while the aggregate category of fruits and vegetables was predicted to increase by 7.5 to 8.5 percent.
CEA will closely monitor the evolution of prices and market trends in 2022
Besides forging new business partnerships, one of the most important things a CEA operator can do is to evaluate the current supply and demand for their products. Without load sharing, a company’s best bet to ensure a steady stream of fresh goods is to source as much produce locally as possible. If the jumbo sized companies do not have the capacity to get their hands on a gallon or two of milk or cheese, they may find themselves at a competitive disadvantage in a local grocery store.
The CFTC has the power to push for a more equitable regulatory environment for the nation’s financial markets. To this end, they have enacted several measures that make it easier to comply with the law, including a streamlined regulatory process for derivatives, futures and options markets.