National news and local views for the week ending Friday, October 11, 2024
National Real Estate News
A sudden surge in jobs
The US added 254,000 jobs in September, far above expectations and a big jump from the roughly 150,000 jobs added in each of the prior two months. The unemployment rate, meanwhile, dropped to 4.1% (from 4.2% in August). This boosted "soft landing" hopes but hit the bond market hard. [Source: Bureau of Labor Statistics]
Mortgage rates jump
The much stronger-than-expected September jobs figure had the market reevaluating future rate cut expectations. The average rate on 30-year, fixed-rate mortgages jumped to 6.62% on Thursday and is now nearly 50 basis points (half a percentage point) above where it was BEFORE the Fed cut rates. [Source: Mortgage News Daily]
Buyer sentiment improves
Every month, Fannie Mae surveys consumers about their views on the economy and the housing market. In September, optimism about lower rates helped FNMA's Home Purchase Sentiment Index rise 1.8 points to 73.9, the highest level since February 2022. We've been seeing a number of 'glimmers of hope' like this lately. Now if only rates can STAY down for long enough we could finally get a recovery in transaction volumes!
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 |
$507,490
0%
|
1252
0.3%
|
140 |
38
-0.2%
|
| Gilbert, AZ |
$639,900
0%
|
659
0.2%
|
67 |
43
-0.2%
|
| Chandler, AZ |
$594,900
0%
|
537
0.1%
|
72 |
35
-0.2%
|
| Queen Creek, AZ |
$700,000
0%
|
634
1%
|
33 |
64
-0.1%
|
/) from Sep. to Oct. 2024.
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