What's Up with Real Estate?
By Des Jones
Welcome to this week's edition of What’s Up with Real Estate! We’re diving into the latest trends, both nationally and locally, to keep you informed. This week, we explore cooling price growth across the country and a slowdown in home sales, despite a drop in mortgage rates.
What’s Up with Real Estate?
National news and local views for the week ending Friday, September 27, 2024
Des Jones
Welcome to this week's edition of What’s Up with Real Estate! We’re diving into the latest trends, both nationally and locally, to keep you informed. This week, we explore cooling price growth across the country and a slowdown in home sales, despite a drop in mortgage rates. Plus, don’t miss the spotlight on the best week to buy a home, coming up just around the corner! Locally, we’ll break down trends in Killeen and Austin, giving you the pulse on what’s happening right in your neighborhood. Happy reading!
National Real Estate News
Price growth eases
In July, the Case-Shiller national home price index rose just 0.2% month-over-month, while the similarly-constructed FHFA price index posted an even smaller 0.1% MoM increase. After 4 years and 47% cumulative home price growth, supply and demand is becoming more balanced. But as the bar chart above shows, we're still seeing very strong YoY price growth from certain cities. [Source: S&P DJI]
Sales slow to react
The NAR’s Pending Home Sales Index (PHSI, which measures signed contracts for existing homes) rose just 0.6% MoM in August to 70.6. Mortgage rates have fallen 130 bps (1.3%) in the last 5 months, but the PHSI has barely budged. Consider this: the PHSI today is 4% BELOW where it was in October 2023 - when 30-yr mortgage rates were nearly 2% higher at 8%! [Source: NAR]
Best week to buy a home?
According to Realtor.com, the week of Sep 29-Oct 5 offers the best combination of rising inventory (more homes to choose from) and reduced competition (fewer bidding wars). In other words, a better chance to find a home you love at a (more) reasonable price. Serendipitously, mortgage rates have dropped just in time. [Source: Realtor.com, Mortgage News Daily]
Local Market Trends
As of Friday, September 27, 2024
Des Jones
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 |
|---|---|---|---|---|
| Killeen, TX | $260,000  0.2% | 626  0% | 52 | 59 0% |
| Austin, TX | $625,000  -0.1% | 4435 0.1% | 255 | 73 0.1% |
/) from Aug. to Sep. 2024.
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