What’s Up with Real Estate?
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%
|
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