Weekly Market Observations — October 31, 2023

Here’s Our Weekly Market Observations :

Pending home sales increased 1.1% in September from August while declining 11% YOY

New multifamily development sharply declines as the financing "circuit breaker" tripped

Blackstone predicts tailwinds for landlords with low inventory and slowing housing construction

NAR forecasts the 30 year mortgage rate will average 6.3% in 2024

Average 30-year fixed mortgage rates down slightly to 7.79%