REGIONAL INDUSTRY NEWS: Housing Market:

  "The housing market ended 2022 in a deep freeze, but there are some green shoots pushing up," said Jeff Tucker, senior economist at Zillow. 

The typical time a home on the market is now up to 30 days, up from a low of 6 days seen in since the pandemic, yet still lower than the 43 days reported before the pandemic.

Monthly mortgage payments have pulled back in December to $1,800, a decline of about $100 from the market peak in October 2022. But payments are still 62% higher than last December and are $875 higher than in December 2019. These affordability challenges are dragging demand down from the lofty heights seen earlier in the pandemic. Sales in November measured by Zillow's nowcast were down 33% year over year and 16% compared to 2019. Birchwood Credit Services.

Residential homeowners are tapping into the volume of equity for improvement projects. This liquid asset flows to projects that are traditionally associated with preparing for the winter months. Sealing, painting and roofing seem to be the economy drivers behind these pre-winter activities. We see an "Uptick" in trade activities associated with quick smaller projects over larger commercial applications. EP

Eastside Pump: News Flash! Local Market Activity. 

Eastside Pump has not noticed any significant changes as our clients seem to be busy as ever. The local housing market has seemed to go through the traditional "end of summer", cooling trend yet we expect September to do regain it's dominance regarding pre-winter rush for commercial and residential improvement projects. Properly clean and prepare your equipment for the end of the peak season busyness! EP