ListReports

What’s Up with Real Estate?

National news and local views for the week ending Friday, May 3, 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

Prices keep rising

Case-Shiller’s national home price index rose 0.4% month-over-month in Feb 2024. That's up from +0.3% MoM in Jan 2024. Only one big city (Tampa) saw a MoM decline, and 14 out of 20 big cities showed an improvement in February versus January. Compared to last year, the national price index was up 6.4% YoY in Feb 2024, stronger than +6.0% YoY in Jan 2024. [Source: S&P Global]Prices keep rising

What the Fed said

At its May 1 meeting, the FMOC (Federal Open Markets Committee) voted to keep short-term interest rates steady at 525-550 basis points (5.25%-5.50%). The last time the Fed raised rates was July 2023! Q: Why is the Fed not cutting rates? A: Chairman Jerome Powell cited the recent lack of progress on inflation, and the continuing strength of the labor market and economy. [Source: Federal Reserve]What the Fed said

How things have changed

At the beginning of 2024, the market was expecting multiple Fed rate cuts starting as early as May. Today, the market is pricing in only one rate cut...in November! For multiple rate cuts to be back on the agenda, it would likely require either a significant increase in the unemployment rate (>4%) OR a convincing move in "core" PCE (<2.5%). [Source: CME, Mortgage News Daily]How things have changed

Local Market Trends

As of Friday, May 3, 2024
 
This week the median list price for Phoenix, AZ is $599,000 with the market action index hovering around 48. This is an increase over last month's market action index of 47. Inventory has increased to 1,753.
Area Median Price Active Listings New Listings - 5 days Median Days on Market
85086
$789,000
Trend Arrow
0.1%
184
Trend Arrow
0.1%
15
42
Trend Arrow
-0.2%
85255
$2,100,000
Trend Arrow
0.1%
367
Trend Arrow
0.1%
24
60
Trend Arrow
-0.1%
85383
$651,075
Trend Arrow
-0.1%
351
Trend Arrow
0.3%
18
45
Trend Arrow
0%
85254
$1,087,000
Trend Arrow
0%
198
Trend Arrow
0.3%
21
33
Trend Arrow
-0.3%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Mar. to May. 2024.