Friday, July 19, 2024 National news and local views
National Real Estate News
Rent vs. Own
Most analysis that compares the costs of renting versus buying ignores the significant long-term wealth gains from capital appreciation (the market price for the home rises), amortization (you're paying back principal monthly) and tax deductions. And no analysis can put a value on the peace of mind that owning your own place gives you.
The condos are coming
The pandemic spurred a multifamily construction boom (condos, apartments, townhomes etc.). A wave of MF completions is now swelling, with the industry on pace to deliver over 650,000 units nationwide over the next year. That's the fastest pace of MF construction since 1975! (BTW, over 50% of these units are being built in the South, which includes TX & FL.) [Source: Census Bureau]
More 'doves' are cooing
When it comes to interest rates, 'doves' are people who are more worried about the economy than inflation and would like to cut interest rates. With the recent string of favorable data (lower inflation, rising unemployment rate), several Fed members (including Chairman Jerome Powell) have sounded more dovish lately, and the market is convinced that rate cuts will start in September.
Local Market Trends
| Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market |
|---|---|---|---|---|
| Chandler, AZ |
$599,900
0%
|
413
0%
|
32 |
37
0%
|
| Gilbert, AZ |
$674,475
0%
|
582
0.1%
|
73 |
39
0%
|
| Queen Creek, AZ |
$697,707
0%
|
621
1.1%
|
45 |
64
0.1%
|
| Scottsdale, AZ |
$979,000
-0.2%
|
1769
0%
|
110 |
65
0%
|
/) from Jun. to Jul. 2024.
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