Friday, May 31, 2024- National news and local

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 As of Friday, May 31, 2024 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 $515,000 0.1% 981 0% 104 35 -0.2% Gilbert, AZ $685,000 0.1% 507 0.1% 50 31 -0.3% Chandler, AZ $607,000 0% 355 -0.2% 44 30 -0.3% Queen Creek, AZ $694,014 0% 621 0.9% 45 49 -0.1% Local Market Trends (/) from Apr. to May. 2024.   Lorana Ellard Real Broker License #SA684219000   Questions about these articles or the state of your local market? Get in touch! 623-400-6657azhomerealestate1@gmail.com ©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.

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% Local Market Trends (/) from Apr. to May. 2024.   Lorana Ellard Real Broker License #SA684219000 Questions about these articles or the state of your local market? Get in touch! 623-400-6657azhomerealestate1@gmail.com ©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.

Friday, May 17, 2024 What’s Up with Real Estate?

Working with me as your real estate agent is like having a lifelong concierge service, friend, and business partner all rolled into one! I provide excellent customer service, deliver honest information, and strive to exceed your expectations throughout our transaction. National Real Estate News Inflation a bit cooler That makes three in a row: a lower than expected BLS jobs number, flat retail sales in April, and now "core" CPI (Consumer Price Index = inflation for you and me) easing from +3.8% YoY in March to 3.6% YoY in April. None of these screamed recession, but they did at least point to a slowing economy and a loosening job market - exactly what the Fed needs to see more of before cutting rates. [Source: BLS, BEA] Back below 7% As you'd expect, the bond market LOVED the flat retail sales and slower inflation figures. And when bond prices rise, bond yields fall (inverse relationship). And when bond yields fall, mortgage rates tend to fall too. Average 30-yr mortgage rates dropped back below 7%, which (if they can hold) should boost transaction volumes for existing and new home sales in the coming months. [Source: Mortgage News Daily] An inevitable snapback 4 million existing homes sold in 2023. That's 21% below its pre-pandemic average (5.1 million) and about the same level as in 2008 (15 years ago). That alone suggests a big rebound in sales is imminent. But the US population has grown by 40 million over the same time period! On a per population basis, existing home sales were incredibly (and unsustainably) low last year! [Source: NAR] Local Market Trends As of Friday, May 17, 2024 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 Gilbert, AZ $682,725 0.1% 515 0.1% 63 29 -0.3% Chandler, AZ $615,000 0% 356 -0.2% 46 29 -0.4% Queen Creek, AZ $687,148 0% 594 0.8% 52 56 0.1% Tempe, AZ $532,450 -0.1% 202 0.2% 25 28 -0.3% Local Market Trends (/) from Apr. to May. 2024.   Lorana Ellard 623-400-6657 Real Broker License #SA684219000 Questions about these articles or the state of your local market? Get in touch! 623-400-6657azhomerealestate1@gmail.com ©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.