According to the folks at Freddie Mac, average interest rates on a 30-year fixed-rate mortgage fell to 6.61% last week, the ninth consecutive week of decline, but still higher than one year ago (6.42%). Economic experts expect further declines heading into 2024, although the current dip has yet to spur an uptick in home sales due to a lack of inventory.
Here's a look at how key economic indicators fared in 2023:
It was another tale of two markets during November in San Francisco. Home sales and median prices were up year-over-year, and properties spent less time on the market. On the flip side, condo sales and prices experienced a dip from 2022, and properties took longer to sell.
According to an annual survey from the National Retail Federation, 200.4 million people did some shopping from Thanksgiving Day through Cyber Monday. That’s nearly 4 million more than last year and 18 million more than expected. Most of the increase was among online shoppers, who totaled 134.2 million. But Small Business Saturday drew a majority of retail activity ($59M) to brick-and-mortar stores. Get more numbers from the NRF report.
Did you know about 150 million holiday light sets are sold in the United States every year? It’s enough to light up 80 million homes and account for 6% of electricity usage nationwide. Learn more fun facts here.
October was a month of polar opposites for home and condo sales in San Mateo County. While home sales bumped up 1% from one year ago, sales prices increased 8%, and homes are spending less time on the market.
Meanwhile, condo sales dropped 14% from 2022, prices fell 8% YOY, and properties are sitting on the market for two weeks longer than last year at this time.
