Interest Rate Cuts, DOW Hits All Time High, 2024 Predictions Followed by

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Interest Rate Cuts
This week, the Fed held its key interest rate steady for the 3rd straight time and set the table for multiple cuts to come in 2024 and beyond, keeping the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%. They penciled in at least 3 rate cuts in 2024, after 11 hikes since 2022, assuming 0.25 pt increments, less than market pricing, but more aggressive than what officials had previously indicated. (More info)

DOW Hits All Time High

The Dow Jones Industrial Average hit an all-time high Wednesday, reflecting new optimism that the economy is slowing just enough to bring down inflation without triggering a recession.

The Dow closed at 37,090 — up more than 500 points, or 1.4 percent, for the day — surpassing a record in January 2022, fueled by the Fed decision to hold rates steady due to progress on inflation. (More Here)

2024 Predictions

Zillow and Realtor.com recently released their trend reports, sharing what they believe buyers and sellers can expect in 2024. In summary: home prices are expected to dip slightly as buyers lose their sense of urgency. The number of home sales is expected to remain steady as costs deter existing homeowners from moving. Home inventory is expected to drop significantly (nearly 14.5%) mostly due to the lock-in effect however, new developments and rentals will provide relief. (More Info)

Team News

Holiday Party

Last week the team let loose (footloose, kick off your Sunday shoes) at the 2023 Compass Holiday Party. It was a wonderful night of dancing, team bonding, and connecting with our colleagues and friends. We hope you enjoy this holiday season and are getting prepped for 2024 like we are!

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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Interest Rate Cuts, DOW Hits All Time High, 2024 Predictions

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