- Why do we use '12 mo rolling data comparing past 12 months to previous 12 months' when detailing real estate price movement? Have you ever heard that real estate is a seasonal business? Every year home prices trend up from January to June (sometimes July, and very rarely August), before they peak and slowly fall throughout the rest of the calendar year. This cycle then starts over again in January, and so on. Even in 2008/2009, when our country faced the largest real estate crash of our lifetimes, prices still followed this trend. By taking 12 mo data, we remove the seasonality of prices and get a true representation of the market's direction.

- Mortgage rates fell sharply at the beginning of August due to the Federal Reserve, somewhat surprisingly, stating there is a chance of a Fed Funds Rate cut as early as next month, AND because of world economic uncertainty that crushed the stock market last Monday. Both the stock market and bond market (mortgage rates are tied closely to bonds) have rebounded somewhat over the past week. Although we don't know how quickly mortgage rates will come down and how low they will eventually go, it is now an almost certainty that mortgage rates have already reached their peak and will only trend downward for the next few years. If I were to forecast, the economy would need to face a serious recession, or a legitimate threat of WW3, for rates to ever get close to what they were in 2020/2021. For everyone locked in at a 2-3% rate, it was likely a once in a lifetime opportunity.

- It's important to remember that choosing to buy/sell a home is so much more than the numbers. It's only one piece of the puzzle. I put together this data so you can feel confident you're making the most informed decision possible.

- Would you like specific data on your city, your neighborhood, or even your home? Reach out, and I'll send a personalized market report to you.

Have a great rest of the week,

Jeff