Friday, August 9, 2024 National news and local views
National Real Estate News
Jobless rate jumps
Last Friday’s jobs report showed that the US economy added 114,000 jobs in July, far below expectations of +175,000. More worryingly, the unemployment rate jumped from 4.1% to 4.3%. Suddenly everyone was talking about recession risks again. Did the Fed wait too long to begin cutting rates? [Source: Bureau of Labor Statistics]
Mortgage rates move lower
The yield on the 10-year US Treasury dropped from 4.0% to 3.8% (it was at 4.5% in early July!), with the market now expecting a 50 basis point (0.5%) rate cut on September 18. Average 30-year mortgage rates fell to a low of 6.34% on August 5 (the Monday after the BLS jobs report). [Source: Mortgage News Daily, CME]
Get ready
If high mortgage rates have kept you 'on the fence' about buying your first home or upgrading your existing one, it's time to start putting a plan together. The Fed is about to start cutting rates, and mortgage rates have already moved significantly lower. Plus, there are more homes to choose from! I'd love to meet up with you to discuss the market and your housing needs.
Local Market Trends
| Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market |
|---|---|---|---|---|
| Chandler, AZ |
$594,950
0%
|
434
0%
|
43 |
38
0%
|
| Gilbert, AZ |
$669,000
0%
|
569
0%
|
47 |
43
0%
|
| Queen Creek, AZ |
$699,497
0%
|
615
1%
|
36 |
71
0.3%
|
| Mesa, AZ |
$499,000
0%
|
1047
0.1%
|
105 |
44
0%
|
/) from Jul. to Aug. 2024.
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