Fed Meeting & May 2023 Market Update - Tom's Take 328

The recent Fed meeting addressed key economic concerns, though specific details were not disclosed.👀 Meanwhile, the real estate market in the greater Philadelphia area has experienced a decline in sales, ranging from 25.6% to 28.1% compared to the previous year. 📉 Median sale prices have shown mixed results, with an increase of 1.8% to 5.6% in the suburban counties but a decrease of 5.2% in Philadelphia. 📈 The number of pending new homes has also decreased, and the market is characterized by low inventory levels. 🏠 Interest rates have remained steady around 6.875%, with the possibility of future rate hikes later in the year. ➡️ Overall, the market appears stable, but factors such as the Fed's decisions, inflation, and the labor market will influence its trajectory moving forward. If you are looking to buy or sell, it's extremely important to talk to someone who knows what's going on in your local market! Let's chat. 😎