January 2024 Market Snapshot

The recent dip in interest rates sparked a notable increase in sales towards the end of the last quarter,” observes Linda O’Koniewski, CEO of Leading Edge. “Yet, with Jerome Powell’s latest announcement, we shouldn’t bank on a continuing trend of rate decreases. It’s important to recognize the year-over-year drop in single-family home sales, evident in Middlesex (24%), Suffolk (25%), and Essex counties (23%). This data suggests a market still grappling with challenges, despite the temporary boost. As we move forward, expect pent-up demand to keep driving housing prices, but with a careful eye on shifting market dynamics.