What we refer to as “inflation” is generally measured by the Consumer Price Index, a measure of average prices for basic necessities like gas, food, and housing. The CPI jumped more than 9% from June 2021 to June 2022, hitting a new 40-year high in the process.
So how can you keep inflation from affecting your wallet? The Skimm has a few tips.
In a constantly evolving market, data is king (or queen). Regardless of where your home falls on the price spectrum, one key performance indicator for the housing market is luxury sales, which reached historic highs in the spring. But just a few months later, numbers are down year-over-year:
Did you know? 90% of millionaires made their money through real estate. Whether you’re a first-time buyer or a seasoned investor, homeownership can help you secure a healthy financial future for you and your family!
In a rapidly changing market, more data is always useful. One strong market indicator in the Bay Area is luxury sales — properties over $3M — which hit historic highs in Spring 2022. However, pending sales have dipped year-over-year. Have a look at this graph for more numbers.
Continuing a trend we’ve been seeing since ringing in the new year, Santa Clara County house and condo sales volume was down in May compared to one year ago. This led to a jump in the median sales price and a dip in average days a property is spending on the market. We’ll see if this seller’s market keeps up in June, or if higher interest rates lead to a sales pause.
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