Weekly Real Estate Market Update for Cobb County, Cherokee County, and Paulding County

Weekly Market Recap 

We have a shortened week due to the holiday, and trading volume has been light. Stocks have been volatile with the government shutdown starting on the 21st. Stocks saw the biggest drop on a Christmas Eve on Monday, down 650 points. Wednesday was the largest point increase for the Dow Jones, up nearly 1,100 points, recovering some of the losses stocks have seen in December. Even with the improvement in stocks, bonds have not sold off, with the 10-year currently at 2.74%. Data has been fairly light due to the Christmas holiday.

S&P Case-Shiller Home Price Index

The S&P Case-Shiller Home Price Index for October saw a rise of +.4% vs. the prior month, a larger than expected increase. Looking back at September’s monthly growth, we have a positive revision to +.7% from the previously reported +.3%. However, if we look year-over-year, the rate has still declined to +5.0% from a previous +5.2%. This now marks the seventh month in a row where the annual rate is down from the peak of +6.8% back in March. Diving into the report, 18 of 20 cities saw price increases, with Las Vegas (+.8%) leading the charge. The two declining cities in October were San Francisco (-.6%) and Seattle (-.3%).

Pending Home Sales

The NAR’s pending home sales index for November decreased 0.7% vs. the prior month. Economists forecasted an increase in the index of 0.7%, a sizeable miss. The index is down 7.7% year-over-year. Activity in the Northeast and West saw increases in their respective regions, while the Midwest and South are down over 2% month-over-month. This index is a leading indicator of housing activity, which shows further weakness in US housing.

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Listing information last updated on April 17, 2024 at 2:45 PM EST.

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