Friday, May 24, 2024 What’s Up with Real Estate?
National Real Estate News
Home sales slow
Higher mortgage rates rained on Spring sales. Existing (previously owned) home sales dropped 1.9% month-over-month to 4.14 million units annualized in April. That was the 2nd-straight month of declines. However, the median sales prices rose 3.7% MoM to $407,600, as higher-end home sales rebounded. [Source: NAR]
But competition rises
Like it does every year at this time, buyer competition levels are rising. 68% of the homes sold in April were on the market less than a month (up from 60% in March). The average home sold in April received 3.2 offers (up from 3.1 in March and 2.7 in February). Defying high home prices and mortgage rates, first-timers made up 33% of the purchases in April. [Source: NAR]
Rates hold around 7%
The slower existing AND new home sales that we saw in April reflected 30-yr mortgage rates closer to 7.5%. But in the past few weeks, rates have dropped back closer to 7% on cooler inflation, employment, and retail sales data. Will these lower rates be enough to boost May sales and get the Spring selling season back on track? [Source: Mortgage News Daily]
Local Market Trends
Here you can enhance your area’s housing market data with your own insights and commentary!
| Area | Median Price | Active Listings | New Listings - 5 days | Median Days on Market |
|---|---|---|---|---|
| Mesa, AZ |
$519,500
0.1%
|
973
0%
|
98 |
35
-0.2%
|
| Gilbert, AZ |
$685,000
0.1%
|
505
0.1%
|
50 |
29
-0.3%
|
| Chandler, AZ |
$610,000
0%
|
351
-0.2%
|
36 |
30
-0.3%
|
| Queen Creek, AZ |
$688,588
0%
|
619
0.9%
|
38 |
49
-0.1%
|
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