Friday, July 5, 2024 National news and local views
National Real Estate News
Prices rise to new record
The Case-Shiller index is the most accurate measure of true home price appreciation out there - and it continued to rise, climbing 0.3% month-over-month in April and hitting another new high. That said, price growth is definitely decelerating, and four of the Big 20 cities (Phoenix, Washington D.C., Dallas and Denver) did post small MoM declines in April. [Source: S&P Global Dow Jones]
Relatively competitive
Things aren't nearly as competitive as they were in 2021 and 2022 (5 offers per home sold!), but in areas of the country with low inventory levels (Northeast, Midwest), it's still definitely a seller's market. In May 2024, there were 2.8 offers for every home sold nationwide, and 67% of the properties sold were on the market less than a month. [Source: NAR]
Mortgage rates steady
Average 30-year mortgage rates have held steady at around 7% for the last few weeks. But with the Fed's preferred inflation measure (PCE) coming out Friday, June 27, that could change. Following a better than expected (that is, lower) CPI figure two weeks ago, the market is hopeful for similar good news from the PCE. [Source: Mortgage News Daily]
Local Market Trends
| Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market |
|---|---|---|---|---|
| Gilbert, AZ |
$675,000
0%
|
561
0.1%
|
42 |
40
0%
|
| Chandler, AZ |
$607,000
0%
|
395
-0.2%
|
39 |
33
-0.2%
|
| Queen Creek, AZ |
$699,032
0%
|
582
0.7%
|
23 |
58
0%
|
| Scottsdale, AZ |
$998,000
-0.2%
|
1781
-0.2%
|
79 |
63
-0.1%
|
/) from May. to Jul. 2024.
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