ListReports

What’s Up with Real Estate?

National news and local views for the week ending Friday, April 26, 2024
 
Welcome to your weekly 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

Buyers gotta buy

Pending sales (signed contracts to purchase an existing home) rose 3.4% month-over-month in March 2024 [Source: NAR]. This despite average 30-yr mortgage rates hovering around 7% and record home prices in many areas. A larger number of homes for sale certainly helped (up roughly 20% year-over-year), but the real story is pent-up demand. Life happens, and when it's time to move, it's time to move.Buyers gotta buy

Slowing economy, rising prices?

Real GDP grew at an annualized pace of 1.6% in Q1 2024, well below both Street expectations (2.5%) and the previous quarter's growth (Q4 2023: 3.4%). A cooling economy should have been positive for the bond market, but instead bond prices got crushed, sending bond yields and mortgage rates higher. Why? Q1 2024 inflation - as measured by Private Consumption Expenditures - appeared to reaccelerate [Source: BEA]Slowing economy, rising prices?

So here we are again

We will find out today (Friday), if the "sneak peek" at the PCE inflation data for March was accurate. With 10-year US Treasury bond yields having jumped nearly 1% in the last four months (to over 4.7%), it would not take much good news to cause a bond price rally. Expectations are for March "core" PCE to improve slightly, from +2.8% YoY in Feb --> +2.7% YoY in Mar.So here we are again

Local Market Trends

As of Friday, April 26, 2024

 

This week the median list price for Phoenix, AZ is $595,000 with the market action index hovering around 48. This is an increase over last month's market action index of 46. Inventory has held steady at or around 1,727.

Area Median Price Active Listings New Listings - 5 days Median Days on Market
85086
$750,000
Trend Arrow
0%
186
Trend Arrow
0.1%
20
38
Trend Arrow
-0.3%
85255
$2,147,495
Trend Arrow
0.1%
372
Trend Arrow
0.1%
22
66
Trend Arrow
0%
85383
$649,995
Trend Arrow
-0.1%
363
Trend Arrow
0.3%
34
42
Trend Arrow
0%
85254
$992,500
Trend Arrow
-0.1%
186
Trend Arrow
0.2%
13
36
Trend Arrow
-0.3%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Mar. to Apr. 2024.