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National news and local views for the week ending Friday, November 8, 2024

Brandon Francis

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National Real Estate News

Price growth slowing

The Case-Shiller national home price index for August was up +4.2% year-over-year - still solid, but a big deceleration from +6.7% YoY back in February. With 30-yr mortgage rates rebounding above 7% and inventory continuing to rise, price growth should moderate further. Data provider CoreLogic forecasts just 2.3% price growth over the next 12 months. [Source: S&P DJI, CoreLogic]

A post-election surge

Trump's victory in the presidential election boosted stock prices on Wednesday but hit bonds hard. As a result, the yield on the 10-year US treasury jumped near 4.5% and average 30-yr mortgage rates moved above 7.1% for the first time since July 2024. [Source: MBS Highway, Mortgage News Daily]

Fed's second cut

Despite recent contradictory data regarding the strength of the economy, Fed members stuck to the loosening program and voted to reduce the target Federal Funds Rate by 25 basis points (one quarter of a percentage point) on Thursday. That said, with inflation (as measured by "core" PCE) down dramatically in the last 2 years, The Fed still has a lot of "catching down" to do. [Source: Federal Reserve]

Local Market Trends

As of Friday, November 8, 2024

Brandon Francis

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

Area	Median Price	Active Listings	New Listings - 5 days	Median Days on Market
South Jordan, UT	$639,945 -0.3%	284 2.9%	19	51 0%
Riverton, UT	$599,900 -0.2%	179 -0.5%	9	66 0.1%
Draper, UT	$995,000 0%	101 -0.2%	5	62 0.1%
Herriman, UT	$649,900 0%	215 -0.3%	11	66 -0.1%

Local Market Trends (/) from Oct. to Nov. 2024.

Brandon Francis

V Real Estate Agency LLC

License #12659633-SA00

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©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.

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