Client Digest

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The GB Landrigan Monthly North Side Report

READ NOW  June 2024 Report

Our monthly report provides a raw statistical overview of Central Indiana with market highlights of Indianapolis' Washington Township, Zionsville, Carmel, and Fishers areas. It also includes the previous month’s highest sales and the area’s most expensive current listings.

Instant Reaction: Jobs

June 12, 2024

By: Lawrence Yun

Inflation is moving in the right direction, but it is not quite at the point for the Fed to cut interest rates. The all-important consumer price inflation rose by 3.3% from a year ago. “Core” inflation decelerated to 3.4%, its slowest gain in three years. The target is 2% inflation. The recent peak inflation rate of 9% two years ago was a shocker, precipitating the aggressive interest hike policy by the Fed. The central bank can reverse that policy as better inflation figures continue in the upcoming months.

The shelter component is the heavyweight driver, and it was up 5.4%; still high but the slowest gain in two years. The non-official private sector data points to rising apartment vacancy rates from temporary oversupply, and rents are essentially showing no increases. So, official consumer price inflation, with a lag time, no doubt has more room to slow down.

The timing of the first rate cut is uncertain. But the longer-term outlook is for the Fed to cut interest rates 6 to 8 rounds by the end of next year. Home prices will remain solid, and home sales will pick up, especially in regions with rising inventory.

Lawrence Yun is Chief Economist for the National Association of REALTORS®.


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