Coastal Living Chronicles: Insights from a Saint Simons Island Realtor

     The U.S. avoided a recession in 2023, and some say it will have a soft landing in 2024. Inflation has hovered in the 3% range for many months higher than the central bank would prefer, but at 2.6% for personal consumption expenditures (PCE), it’s closer to the target range of 2% and far from the double-digit highs since the pandemic began. Most sources cite the core PCE, which excludes volatile energy and food prices which sat at 3.2% by year’s end - the lowest level since March 2021.      Sales in March of newly-built homes posted their biggest monthly increase in 15 months, up almost 9%, pushing sales more than 8% ahead for the year. The median price fell almost 2% versus a year ago to a median of $387,600. Mortgage interest rates have crept up and could be dampening demand. As of today, May 1, 2024 - 30 year conventional rates are just under 8% at 7.933%, 30 year VA is 7.13% and 30 year FHA is 7.137.  Existing housing inventory remains tight with approximately 3.5-month’s suppl