What’s Up with Real Estate?

National news and local views for the week ending Friday, January 19, 2024

 

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

Core inflation eases

The CPI (Consumer Price Index) report saw core inflation (excluding food & fuel) ease from +4.0% YoY in November 2023 to +3.9% YoY in December 2023. As a reminder, core CPI peaked in mid-2022 at 6.6%. [Source: BLS] While 3.9% is still a long way from the Fed's 2% target, the downward trend is clear. The Fed is almost certainly done raising rates. The only question is WHEN they start cutting.

Core inflation eases
Settling below 7%

Average 30-yr mortgage rates have moved up slightly to 6.78%, but remain well below their recent peaks of just over 8%. [Source: Mortgage News Daily] While Fed members continue to talk tough on inflation, the market is still expecting rate cuts to begin in March, or at the latest May. Wouldn't it be great if we got lower rates AND more inventory this spring/summer selling season?

Settling below 7%
Unlocking inventory?

A big reason why the 2023 spring/summer selling season was disappointing was that we didn't get enough new listings. Many would-be sellers felt 'locked-in' by their low existing mortgage rates. But with the big move down in rates recently, things look to be improving. In December 2023, new listings were up 9% year-over-year and total inventory was up 5% year-over-year. [Source: Realtor.com]

Unlocking inventory?

Local Market Trends

As of Friday, January 19, 2024

 

This week the median list price for Maricopa County, AZ is $599,900 with the market action index hovering around 39. This is less than last month's market action index of 40. Inventory has held steady at or around 8,208.

Area Median Price Active Listings New Listings - 5 days Median Days on Market
85086
$794,000
Trend Arrow
0%
144
Trend Arrow
0%
15
57
Trend Arrow
0%
85255
$1,997,930
Trend Arrow
-0.1%
380
Trend Arrow
0.4%
25
71
Trend Arrow
0.1%
85383
$721,428
Trend Arrow
0%
239
Trend Arrow
0.1%
12
69
Trend Arrow
0.1%
85254
$999,000
Trend Arrow
0%
174
Trend Arrow
0.1%
15
53
Trend Arrow
0%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Dec. to Jan. 2024.
Ryan Shuck & Keri Meyers
Horizon Homes Real Estate Group
License #SA706775000

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