Santa Cruz April 2024 Real Estate Market Update
Santa Cruz April 2024 Real Estate Market Update: Federal Reserve Insights & Santa Cruz Real Estate Trends Dive into the April Market Update with Shemeika Fox, your Santa Cruz Real Estate expert, as she discusses Federal Reserve Chair Jerome Powell’s recent remarks, insights on interest rates, inflation, and the latest trends in the local Santa Cruz housing market. Welcome to the April Market Update!
Today, we’re unpacking the latest news on the economy, featuring insights from Federal Reserve Chair Jerome Powell, and exploring the dynamic Santa Cruz real estate market. But first, let’s leave the clickbait aside and focus on the real insights! 😂 For accurate information on the NAR settlement, check out my previous videos.
Don’t forget to like and subscribe for more! Federal Reserve Chair Jerome Powell recently shed light on the central bank’s stance on interest rates and inflation. Powell emphasized the Fed’s cautious approach, indicating no rush to lower interest rates until there’s “greater confidence” in reaching the 2% inflation target. While acknowledging recent higher-than-expected inflation data, Powell assured that the Fed is closely monitoring the situation and remains patient for informed decision-making. In the Santa Cruz real estate market, high interest rates are contributing to a drastic shortage in inventory, leading to rising home prices and bidding wars. Despite efforts to curb inflation, affordability challenges persist, reflecting the unintended consequences of high interest rates on housing. Let’s discuss alternative approaches to tackle inflation in the comments! According to chief economist Nela Richardson, private employers added 184,000 jobs in March, with significant gains in leisure, hospitality, construction, financial services, and manufacturing.
Powell’s remarks hint at no imminent rate cuts in the upcoming April meeting, emphasizing the Fed’s data-dependent approach and the importance of monitoring inflation readings. Now, let’s look at the Santa Cruz housing market numbers for March 2024! The median sales price for single-family homes rose to $1,315,000, with a decrease in days on the market, indicating a strong seller’s market. Despite a slight increase in inventory, buyer demand continues to outpace supply, with months of inventory at 2.5, far from the neutral market range of 6 months. For condos and townhomes in Santa Cruz County, the median sales price increased to $720,000, with a significant drop in days on the market. However, inventory remains tight, reflecting a seller’s market with months of inventory at 1.9. As always, thank you for tuning in! Whether you’re considering selling or buying, let’s navigate this market together. Hit that like and subscribe button for more real estate insights and Santa Cruz updates. I’m Shemeika Fox, your Santa Cruz Real Estate Expert, and I’m here to help!
