National news and local views for the week ending Friday, September 8, 2023
The 30-year fixed-rate mortgage averaged 7.12% as of Sept. 7, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). This is a decline from last week when it averaged 7.18%. A year ago at this time, it averaged 5.89%.
You want to move it move it?
Have you outgrown your home? Or perhaps you’d just like to live in a new environment? There are a million motivations for moving – and they’re all about the lifestyle you desire for yourself and your family. Let’s meet up to talk about your housing goals and financing options, so that when you’re ready to make your move, a plan is in place.
Rates refuse to stay down
Last week, average 30-yr mortgage rates dropped from near 7.5% to almost 7.0%. This week, they’ve reversed course and are approaching 7.4%. Why? 1) Some stronger economic data, and 2) A few comments from Fed members suggested that interest rates could stay higher for longer. Meanwhile, home prices keep rising: Black Knight said national home prices climbed 1.5% month-over-month in July.
New listings rise
In a normal year, the number of new listings peaks in May/June and then declines sharply until bottoming in December. This August, however, new listings actually ROSE 3.5% month-over-month, allowing total active listings to grow to 670,000 units nationwide. That’s still 46% below August 2019 (pre-pandemic) levels, but in this inventory-starved market you’ve got to celebrate small victories.
Local Market Trends
As of Friday, September 8, 2023
| Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
|---|---|---|---|---|
| Scottsdale, AZ |
$999,250
|
1484
|
120 |
50
|
| Gilbert, AZ |
$635,000
|
407
|
41 |
29
|
| Phoenix, AZ |
$539,100
|
2073
|
220 |
35
|
| Mesa, AZ |
$534,900
|
715
|
66 |
29
|
It’s a highly unusual housing market, with home prices hitting new records, but transaction activity at 2008-2010 levels and mortgage rates at 20-year highs. #housingmarket #realestatenews #housingmarketupdates #realestatemarket #mortgage #realestate #whatsupwithrealestate #urbanluxerealestate
