What’s Up with Real Estate?
National news and local views for the week ending Friday, August 11, 2023
Hello Monday!!! Monday Market Brief for you…
Inflation heads lower
“Core” inflation (which excludes food & fuel prices), dropped to +4.7% year-over-year in July, from +4.9% in June. Back in September 2022, that figure was 6.6%. So we’re definitely moving in the right direction, but the Fed would like to see core inflation closer to its 2% target before it would consider cutting rates.

That inventory issue
The mild rebound in inventory (# of existing homes for sale) that started in early 2022 has come to a stop, with July’s active inventory falling 6% YoY to just 647,000 units nationwide. In July 2019 (pre-pandemic), that same figure was 1.24 million! So the number of homes for sales has halved over the last 4 years. Is it any wonder that home prices are rising again?

Rates stay high
The first time that average 30-yr mortgage rates exceeded 7% (in recent years) was October 2022 – and headline inflation at that time was 7.8%. Today, average 30-yr mortgage rates are back above 7%, and the latest headline inflation figure was 3.2%! Rates will follow inflation down eventually, but it can’t happen fast enough for would-be buyers AND sellers.

Local Market Trends
As of Friday, August 11, 2023
Do you want to see the lastest market trends in the area your are living in. The data below are a few of the
closest cities that I am near. I can provide local data for your area. Let’s talk!!!
Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
---|---|---|---|---|
Farmington, UT |
$697,000 0%
|
42 0%
|
2 |
64 0.5%
|
Kaysville, UT |
$729,500 0%
|
61 0.2%
|
8 |
48 0.1%
|
Centerville, UT |
$575,000 0%
|
38 0.3%
|
3 |
35 -0.1%
|
Ogden, UT |
$389,950 -0.3%
|
156 -0.5%
|
13 |
35 -0.1%
|
Past weekly report,
Aug 7, 2023 Monday Market Brief https://homeswithgeorgie.homes/monday-market-brief/
Home Prices are back on the rise inforgraphic https://www.simplifyingthemarket.com/en/2023/08/11/home-prices-are-back-on-the-rise-infographic/?a=472826-fc0b91fd01363e82ed4d9a7cae3e1888
.png)
