The 1% MoM increase in July existing home sales was just a taste.Here are the current odds on Fed rate cuts at upcoming FOMC meetings:Sept 18: 100% (same as last week); the probability of a 50 basis points cut roughly steady at 25%.Nov 5: US presidential electionNov 7: 100% (same as last week); 39% probability that rates will be 75 basis points lower than currentDec 18: 100% (same as last week); 44% probability that rates will be 100 basis points lower than current.They Said It“Despite the modest gain [in July], existing home sales are still sluggish.

It has been sluggish the last year or so and with the lower price range in such high demand and values rising so quickly it is only a matter of time until the lower price range starts driving the value up in the $300k - $400k range.

Having said that risk from municipalities deciding to put a moratorium on rents, risk from Covid, risk of reemerging sluggishness in the economy and the myriad other risk factors is driving cautiousness in underwriting everyday. 

I left because I found the maintenance in the building to be getting sub par for the price; broken elevators, non working washers, sluggish snow removal, aging HVAC, massive rent increases, more occupants per unit to cover the higher rents.  

May marks the second month in a row where homes spent more time on the market compared with the previous year as inventory continues to grow and home sales remain sluggish.

I love Cleveland, but its sluggish population and job growth makes it cheap (which is enticing), but sluggish long-term.

Here are some first quarter stats that will help you learn more about the market.The 2021 Bakersfield multifamily market started off sluggish in January and February as the average price per unit declined 5.9%.

The only part of the area with any sluggishness is southern PG County. 

Most of the data suggests that it's sluggish at best.  

It's wise to take this into account, as a sluggish market could impact your ability to find suitable properties and sell them at a desirable price.