National news and local views for the week ending Friday, October 4, 2024
National Real Estate News
Inventory keeps building
The nation’s active inventory (listed homes excluding those already under contract) rose 3.5% month-over-month (+34% year-over-year) to 941,000. That’s the highest inventory figure since January 2020, but it's still 23% below September 2019 (pre-COVID). That said, 8 states (TN, ID, FL, TX etc.) now have inventory levels that are HIGHER than pre-COVID, which could put pressure on prices there. [Source: Realtor.com]
Stay or jump ship?
The incredibly tight job market during the pandemic made it very lucrative for employees to change companies. The graph above shows the premium (higher annual wage growth) generated by jumping ship versus staying. But that premium has declined massively lately, as companies have reduced hiring plans and the unemployment rate has risen. [Source: ADP]
Rates drift higher
Average 30-yr mortgage rates have increased 14 bps (0.14%) since September 17, the day before the Fed's big 50 basis point (0.5%) rate cut. Why? First, a lot of good news had already been “priced in” before the Fed decision. Second, since then, the economic and jobs data has been admittedly mixed. The market now expects a further 25 basis point cut on Nov 7. [Source: Mortgage News Daily, CME]
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 |
$500,000
0%
|
1183
0.2%
|
118 |
38
-0.2%
|
| Gilbert, AZ |
$639,000
0%
|
644
0.1%
|
66 |
41
-0.2%
|
| Queen Creek, AZ |
$700,000
0%
|
631
1%
|
34 |
63
-0.1%
|
| Chandler, AZ |
$599,000
0%
|
516
0%
|
63 |
36
-0.2%
|
/) from Sep. to Oct. 2024.Categories
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