National news and local views for the week ending Friday, October 18, 2024
National Real Estate News
CPI came in a bit hot
September “headline” CPI eased to +2.4% YoY (from +2.5% YoY in August), but “core” CPI ROSE to +3.3% YoY (from +3.2% YoY in August). Both figures were 0.1% above expectations. While this data release wasn't a disaster by any stretch, it didn't help things either - especially following the much stronger than expected BLS jobs figure out the prior week. [Source: BLS]
Rates in the high sixes
Average 30-yr mortgage rates were steady at around 6.60% this week, having jumped massively over the prior two weeks due to the combination of the stronger September jobs report and (slightly) hotter September CPI inflation figure. That said, it's important to remember that 1 year ago, rates peaked at just over 8%! [Source: Mortgage News Daily]
Builders getting bullish
The National Association of Homebuilders confidence index rose 2 points to 43. (A figure >50 signifies a bullish/expansionary new home sales environment.) That's the second-straight month of index improvement, and it's been driven by - you guessed it - lower mortgage rates over the past 4 months. [Source: NAHB]
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 |
$499,999
0%
|
1252
0.3%
|
105 |
39
-0.2%
|
| Gilbert, AZ |
$639,000
0%
|
675
0.2%
|
62 |
42
-0.2%
|
| Chandler, AZ |
$595,000
0%
|
530
0%
|
53 |
35
-0.2%
|
| Queen Creek, AZ |
$699,995
0%
|
621
1%
|
33 |
63
-0.1%
|
/) from Sep. to Oct. 2024.Categories
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