What’s Up with Real Estate? SEV Friday, February 9, 2024

Dated: February 9 2024

Views: 15

What’s Up with Real Estate?

National news and local views for the week ending Friday, February 9, 2024
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Lorana Ellard

Buy | Sell | Invest or relocate with AZHOMEREALESTATE.com

National Real Estate News

Where's Waldo?

The national inventory of homes for sale is improving, although it's not easy to see that in the chart above. Usually, inventory levels start to seasonally fall in Sept/Oct and decline until Jan/Feb. But in 2023, inventory kept rising until Dec! The net result is that the inventory in Jan 2024 was up 8% year-over-year. More homes for sale = more options for buyers & more transactions.

Where's Waldo?
Fed in Grinch mode

Jerome Powell and his fellow Fed members have done everything they could to 'push out' rate cut expectations. The market is now only putting an 17% probability on a rate cut on March 20, and average 30-yr mortgage rates have climbed back to near 7%. Let's just hope that the Fed's 'higher for longer' chatter doesn't lead to a repeat of 2023's very disappointing spring selling season.

Fed in Grinch mode
Protect your (financial) rep

You're going to want to move house someday, and when you do, you'll want a credit score that says "Lend to me! I'm responsible!" Stay on top of your credit score (most credit card companies and many banks offer free monthly reports), always pay your bills on time (autopay is your friend), and try to keep your credit utilization (your balance divided by your credit limit) modest.

Protect your (financial) rep

Local Market Trends

As of Friday, February 9, 2024
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Lorana Ellard

Here you can enhance your area’s housing market data with your own insights and commentary!

AreaMedian PriceActive ListingsNew Listings - 5 daysMedian Days on Market
Mesa, AZ
$493,000
Trend Arrow
0.1%
944
Trend Arrow
0.1%
118
34
Trend Arrow
-0.3%
Gilbert, AZ
$675,000
Trend Arrow
0.1%
391
Trend Arrow
0.1%
42
29
Trend Arrow
-0.4%
Chandler, AZ
$599,900
Trend Arrow
0.1%
323
Trend Arrow
-0.1%
33
31
Trend Arrow
-0.2%
Queen Creek, AZ
$699,997
Trend Arrow
0%
444
Trend Arrow
1.1%
30
69
Trend Arrow
0.2%
Local Market Trends (Red downwards arrow/Green upwards arrow) from Jan. to Feb. 2024.
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Lorana Ellard
eXp Realty
License #SA684219000

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Questions about these articles or the state of your local market? Get in touch!
623-400-6657azhomerealestate1@gmail.com
ListReports
Equal Housing Opportunity
©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.
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Lorana Ellard

"Exceptional Realtor Providing Exemplary Service in Phoenix, AZ"As a seasoned real estate professional with almost two decades of experience in the industry, I am passionate about helping clients achi....

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