This week: more of the same. Where did all the houses go?!?!
The inventory nose dive increased pace last week.
|Dec. 10 - 17||Prev 4 Week Avg.||% Change||Dec. 3 - 9|
|New Pending Sales||564||623||-9.43%||644|
|30 Year Fixed Mortgage||3.12%||3.10%||0.56%||3.10%|
It’s normal for the pace of new listings to fall off a cliff during this time of year as sellers hunker down for the holidays.
What’s not normal? Buyers usually do the same. Not the case this year.
Interest rates are holding steady in the face of inflation and aggressive Fed policy shifts coming down the pipe to combat it. Why? Because COVID is surging and that’s spooking investors. When investors get spooked, money flocks to bonds, which drives rates lower.
Expect more of the same for the next couple of weeks until we all get out of the alcohol and food-induced lull of the holidays.
- Incomes in San Diegans grew faster in 2020 than any other year on record.
- San Diego is moving to a $15/hr minimum wage in 2022.
- San Diego unemployment plummets to lowest level of the pandemic.
- President Biden will speak to the nation later today about the recent COVID surge and Omicron.
- The PCE report, a major inflation index, drops on Thursday.
- Both could serve to soothe investor fears or freak them out even more. We shall see…