Kathy Lowing, Coldwell Banker Realty

Open House Saturday 7/13 from 12-2pm, 14 45th St Unit 203, Mid Ocean City, MD. 3 bed, 3 bath! Ocean Block! It’s all about location, location! A must see! Offered at $649,950.

Mortgage Market Update

MBS Road Signs
Week of May 20, 2024 in Review

The pace of home sales declined in April, though the speed at which existing homes sold accelerated. Plus, a parade of Fed speakers and the minutes from their last meeting shed light on their views about inflation, the labor market, rate cuts and more. Here are the headlines:

Existing Homes Selling Fast
New Home Sales Slip in April
Full Week of Fed Chatter
Initial Jobless Claims Decline During Key Data Week


Existing Homes Selling Fast
Sales of existing homes fell 1.9% in April to a 4.14-million-unit annualized pace, per the National Association of REALTORS® (NAR), though sales in March were revised higher and this offset some of the decline. This report measures closings on existing homes in April and likely reflects people shopping for homes in February and March.

What's the bottom line?
While the pace of sales declined in April, the speed at which homes sold accelerated. Homes remained on the market for a shorter period in April, with the 26-day average down from 33 days in March. Plus, 27% of homes sold above list price. These factors both signal that demand and competition remain during this spring buying season, even in the face of elevated rates.

Inventory also saw a boost, as the 1.21 million homes available for sale at the end of April were up 9% from March and 16.3% from a year earlier. While this remains below healthy levels at just a 3.5 months' supply at the current sales pace, rising inventory is certainly a step in the right direction to help improve ongoing tight supply.



New Home Sales Slip in April
New Home Sales, which measure signed contracts on new homes, fell 4.7% from March to April, missing forecasts that were expecting them to rise. Signed contracts were also 7.7% lower than they were in April of last year.

What's the bottom line?
This report measures buyers who were shopping for homes last month when rates peaked, so the pullback is understandable as some buyers chose to delay their home search.

However, demand for new construction remains strong due to the persistent shortage of existing homes for sale. On that note, more "available" supply is needed to meet buyer demand. While there were 480,000 new homes available for sale at the end of April, slightly higher than the 470,000 seen in the previous report, only 98,000 were completed, with the rest either under construction or not even started yet.

Also, the median home price fell 1.4% from March but this was not due to falling home prices, which continue to rise nationwide per Case-Shiller and other appreciation indexes. The median home price represents the mid-price of sales, meaning it's influenced by the mix of sales in any given month. Builders are constructing smaller, more affordable homes to meet buyer demand, and that pushed the median home price lower comparatively.



Full Week of Fed Chatter
The minutes from the Fed's April 30-May 1 meeting were released last week, which showed that members had growing concerns about inflation. This wasn't a surprise, given that the meeting followed a string of reports showing inflation was more persistent than expected in the first quarter of this year. Since the Fed met, reports have shown cooler inflation as well as slower job growth, a rising unemployment rate and flat retail sales.

Last week also brought a parade of Fed speakers that included notable comments from Fed Governor Christopher Waller, who echoed several of his colleagues when he said, "In the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy."

An easing of monetary policy would bring cuts to the Fed's benchmark Fed Funds Rate, which is the overnight borrowing rate for banks.

What's the bottom line?
Remember the Fed has been working hard to tame inflation, hiking the Fed Funds Rate eleven times between March 2022 and July 2023. These hikes were designed to slow the economy by making borrowing more expensive, so the demand for goods would be lowered, thereby reducing pricing pressure and inflation.

This 3 bed/2 bath condo in Sunset Island has many amenities and is close to restaurants such as Dead Freddie’s and several others within walking distance. Right next to Route 90! Contact me for details! This unit is awesome! I would love to show it to you! Sunset Island has much to offer!

Open house on 4/13 at 4 Hidden Ciove Way Unit 2F from 12-2pm. Come out and view this awesome Condo in Sunset Island! 3 bedroom/2 bath turnkey unit in a coveted private bayfront community!

Open House Sunday 4/7 from 12-2pm
113 79th St Unit 1
Ocean City, MD.

2 bed/2bath 1st floor Bayview condo in a much sought after location. Come take a look at this ready to occupy turnkey unit!

I network with great Realtors anywhere you might want to buy, sell or relocate. Contact me for assistance in finding the right agent to work with you to fulfill your expectations!

Open House!! Awesome 1 bed/1 bath Condo in the Princess Royale in Ocean City, MD! Ocean View! Come out this Sunday from 12-2PM to view this lovely property at 9100 Coastal Hwy Unit 319 Ocean City, MD!

Open House Sunday 3/10 from 12-2PM

Carousel Hotel and Condos
11700 Coastal Hwy #1010.
Beautiful ocean front condo. 2bed/2 bath. $649,000

Coldwell Banker Realty
410-524-1203

Open House Sunday 2/11 12-2pm
Sunset Island. 4 Hidden Cove Way , Ocean City, MD. 21842.

https://kathleenlowing-mid-atlantic.sites.cbmoxi.com/

Folks! A bit behind on opens, but plan to catch up next weekend!

Open House Sunday 1/14 from 12-2pm. West Ocean City MD!

Open House Saturday 12/30 12-2PM. Heron Harbour Isle.
201 S Heron Dr. Unit Ocean City, MD. 2bd/2ba Condo! Come take a look at this beautiful property!

Open house on Saturday 12|16 from 12-2pm at 11 134th St Unit 205. Ocean Princess. Stop by and check out this awesome property!!

Open House Saturday 12/9 12pm-2pm
12305 Assawoman Dr #102
Priced reduced - $340,000. Ocean block Condo
2bd/2ba 1st floor
Come take a look!

Coldwell Banker Realty
Office: 410-524-1203
Direct: 301-461-2799

Open House! Saturday 11/25/2023 from 12pm-2pm in North Ocean Pines, MD. Adorable 3bd, 2ba Rancher! Freshly painted, fully furnished and move in ready! A must see! $349,500
169 Seafarer Lane. Ocean Pines, MD. 21811

If you're looking to buy real estate, it's an exciting time! It can be overwhelming deciding what kind of property to buy and where to buy it, but having a plan and doing your research can make the process much smoother. With the help of a real estate agent, you can find the perfect property for you and your family. With the right guidance, you can make an informed decision and be confident in your purchase, ensuring you enjoy years of satisfaction.
Contact me for additional information!

July events in Ocean City, Maryland!

Looking for a vacation home in Ocean City MD? Contact me!

Looking for a Condo in Ocean City MD? Here is a lenders list of Fannie Mae Approved Condos currently available. This can be a time saver for Buyers! Contact me for further information!

SOLD!🤝

Under Contract!
501 Penguin Dr. Unit 7A, Ocean City MD. 🤝

Priced reduced! $499,000! 3 bed, 4 bath, 3 level townhome in the much sought after Crab Cove! Waterfront with boat slip! Motivated seller! Bring any reasonable offer! Coldwell Banker Realty. 410-524-1203. Direct 301-461-2799

Goober kept us company at the office today!
Goobers Cause for Paws! HSUS Worcester County, MD

You may think that the best time to look for vacation property at the beach would be during spring, you may be surprised to learn that the off-season – Dec.-Feb. actually is an excellent time to look, and purchase your vacation home. There is less competition from other buyers and sellers don’t want the carry cost for the winter so you can usually negotiate a good deal! Bring home a new vacation home for the Holidays!

Reduced!! $499,000!