What’s Up with Real Estate?
National news and local views for the week ending Friday, August 18, 2023
National Real Estate News
Peaks we don’t want…
Hawkish comments from the Fed’s last meeting, rising bond yields globally, and fading recession expectations all helped send average 30-yr mortgage rates to 7.34%, just shy of the peak of 7.37% set back in October 2022. This, despite a halving of headline inflation over the last 10 months. These higher rates are hitting affordability, inventory and transaction volumes – but not prices.
How many homes for sale?
Depending on which property portal you use (Zillow, Realtor.com, Redfin or Homes.com) you’ll get very different answers. That’s why it’s so important to have a Realtor in your corner. They’ve always got the most accurate inventory figures. In a highly competitive market (like we have today), relying on a portal could mean that your perfect property sells before you even find out it was listed.
Bless you, builders….
The construction industry is trying their best. New permits for single-family homes are rising. But labor, land, and equipment shortages seem to be capping the number of units that builders can complete at 1.3-1.5 million annually. Unfortunately, that’s not enough to match the demand from ~2 million new households. And it does very little to address a decade of underbuilding following the Great Recession.
Local Market Trends
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 |
|---|---|---|---|---|
| Clearfield, UT |
$499,900
0%
|
61
-0.4%
|
1 |
55
0.3%
|
| Farmington, UT |
$634,950
-0.1%
|
48
0.1%
|
4 |
47
0.1%
|
| Kaysville, UT |
$726,400
0%
|
74
0.5%
|
7 |
40
-0.1%
|
| South Ogden, UT |
$444,950
-0.1%
|
32
-0.8%
|
2 |
44
0%
|
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) from Jul. to Aug. 2023..png)
