Friday, June 14, 2024 National news and local views
National Real Estate News
Inventory keeps climbing
The inventory of homes for sale climbed to 788,000 in May 2024 - that's up 35% year-over-year and is the highest figure since July 2020. While that is certainly good news, it’s important to know that: 1) inventory is still DOWN 33% compared to pre-pandemic levels, and 2) most of the recent inventory gains have come from a few states (chiefly Florida and Texas). [Source: Realtor.com]
Mixed jobs picture
According to the latest BLS report, the US economy added 272,000 jobs in May - well above expectations. But the unemployment rate inched up to 4.0% (it was 3.5% in July 2023). With inflation still well above the Fed's 2% target, and the jobs market still (superficially?) strong, the Fed is feeling no urgency to begin cutting rates. [Source: BLS]
Fed does nothing again
Fed members voted to keep interest rates steady for the 7th straight meeting. The last time the Fed raised rates was July 2023! While average 30-yr mortgage rates eased slightly in May (from highs near 7.5%), they remain near 7%, which is clearly hampering affordability and transaction volumes during the critical spring/summer selling season. [Source: Federal Reserve, Mortgage News Daily]
Local Market Trends
| Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market |
|---|---|---|---|---|
| Mesa, AZ |
$515,000
0.1%
|
1000
0%
|
103 |
37
-0.2%
|
| Chandler, AZ |
$600,000
0%
|
374
-0.2%
|
57 |
31
-0.2%
|
| Gilbert, AZ |
$685,000
0%
|
523
0%
|
65 |
35
-0.1%
|
| Queen Creek, AZ |
$699,952
0%
|
600
0.8%
|
24 |
56
0%
|
/) from May. to Jun. 2024.
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