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Market Data:
Prices and inventory have remained flat compared to last week. The only notable exception is Morris County, where inventory decreased by 10%. However, this change did not affect the median sale price in the area.
Inflation:
The CPI inflation report was released yesterday, showing that inflation has risen by 2.6% for the first time since March 2024. Core inflation, which represents pricing of goods besides food and energy, remains unchanged at 3.3%. Interestingly, the first rate cut by the Federal Reserve in four years has what seems to trigger inflation going up and mortgage rates have climbed back above 7%, even though they were trending toward dropping below 6% just before the rate cut. Meanwhile, consumer prices are up 2.4% from September 2023 to September 2024 according to the US Bureau of Labor Statistics.
The Fed reduced rates by 0.25% earlier this month and is expected to cut another 0.25% in December.
If you have any questions about the market in your area, feel free to reply to this email.
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