This week: more of the same. Where did all the houses go?!?!

Weekly Snapshot

The inventory nose dive increased pace last week.

Dec. 10 - 17Prev 4 Week Avg.% ChangeDec. 3 - 9
New Listings351455-22.86%473
New Pending Sales564623-9.43%644
New Sales5575373.82%615
Active Inventory1,8662,183-14.51%2,020
30 Year Fixed Mortgage3.12%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.

In The News
The Week Ahead
  • 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…