What’s Up with Real Estate?
National news and local views for the week ending Friday, December 8, 2023
 
Welcome to your go-to source for the latest updates and insights into the dynamic world of real estate. In this weekly brief, we'll be diving into both national headlines and local perspectives to provide you with a comprehensive view of the current real estate landscape.

National Real Estate News

Inventory gets interesting

The number of homes available for sale ("inventory") follows a regular, seasonal pattern: lowest in the winter, highest in the summer. Inventory would normally be falling by this time of year - but so far it hasn't. That's an encouraging sign for buyers because: 1) more homes = more opportunities, and 2) rising inventory levels could slow home price appreciation.

Inventory gets interesting
 
Slowing, but still rising

Despite average 30-yr mortgage rates briefly exceeding 8% during October, home prices continued to rise. The housing data providers Black Knight and Core Logic both saw home prices climb 0.2% month-over-month in October. Year-to-date, home prices are now up 6% nationwide. On a $400K house, that's $24,000 in appreciation - in less than 1 year! Owning a home builds wealth.

Slowing, but still rising
 
Mortgage rates move lower

The latest inflation figures (up just +3% YoY in October) and employment data (job openings at lowest levels since March 21) were exactly what the Fed wants to see. The rate hike cycle is clearly over. The resulting market excitement helped drive average 30-yr mortgage rates down by 1 full percentage point in the last 6 weeks, knocking several hundred dollars off the average mortgage payment.

Mortgage rates move lower

 

Local Market Trends

As of Friday, December 8, 2023
Area Median Price Active Listings New Listings - 5 days Median Days on Market
85086
$854,450
Trend Arrow
0.1%
138
Trend Arrow
0%
7
45
Trend Arrow
0.1%
85255
$2,100,000
Trend Arrow
0%
335
Trend Arrow
0.2%
14
60
Trend Arrow
0.3%
85383
$699,900
Trend Arrow
0%
250
Trend Arrow
0.1%
11
56
Trend Arrow
0.3%
85254
$975,000
Trend Arrow
0%
196
Trend Arrow
0.1%
12
50
Trend Arrow
0.4%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Nov. to Dec. 2023.
Ryan Shuck & Keri Meyers
Horizon Homes Real Estate Group
License #SA706775000

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