Schools have started back and as Summer draws to a close, it’s time to take a look at what the last few months have brought us in the market.
Some like to say our housing market is in a “rolling recession,” but Economist Dr. Marci Rossell has deemed it more of a “purgatory” since demand is still high, inventory is still low, and prices are not falling. Inventory remains low as Sellers do not want to give up their low interest rates, and are staying in their homes when they might otherwise have sold.
While we still have Buyers willing to borrow with higher interest rates, most of what is selling has been new construction vs resale.
While we expect to see more resale inventory with families back in town and resuming a routine, the trend of new construction outpacing resale on the market is expected to remain.
For many would-be buyers, new construction has become the only game in town. Newly built homes accounted for nearly one-third of single-family homes for sale nationwide in May, compared with a historical norm of 10% to 20%. Existing-home sales in May fell 20% year-over-year, while new single-family home sales that month rose 20% on an annual basis.
As of this writing, interest rates clocked in at about 7.1% for a 30-year, fixed-rate conforming loan, and continued strength in the economy means Fannie Mae forecasters don’t see mortgage rates coming down below 6 percent until the final three months of 2024.
Most Buyers I’ve worked with have resigned themselves to refinancing to a lower rate when those rates become available again.
If you’re curious about the current value of your home or have questions in general about the market, I’m happy to help.
Those of us who love to cook are frantically trying to preserve the bounty that Summer brings. Herbs need harvesting, flowers begin to fade, vegetables at their prime…how to make it last?!
While canning/preserving/freezing are traditional options that are always worth the time, it’s fun to find other ways to remind one’s self of Summer when freezer diving in January.
That’s where stained glass pasta can be a fun project. I first tried making this many years ago and it never quite worked out because I didn’t fully understand pasta making at the time, but when I decided to try again..it was magic. Not difficult, but time-consuming.
My nasturtiums were blooming gangbusters, and I love their peppery taste and didn’t want them to just wither on the vine, so I preserved them in sheets of pasta.
Pressing the flowers along with tender herbs makes a pretty sheet of pasta you can either hand cut into pappardelle, fettucine, etc.. or make ravioli as I’ve done above.
I roll the pasta out to a thickness of 5 or 6 on a standard pasta machine, lay out the herbs and flowers, and top with another sheet rolled at 5-6 to make a finished sheet rolled to 7.
I hope your Summer has been wonderful, and you stay cool – this week is going to be a scorcher!
Until next time,
