National news and local views for the week ending Friday, May 10, 2024
Yesenia Garcia
Wondering what is happening with Covina Real Estate this week? Here is a quick look at market stats and news. Reach out if you have any questions.
National Real Estate News
A friendly jobs number
The US added 175K jobs in April. That was the lowest figure in 6 months AND it was well below expectations of +240K. The unemployment rate also rose to 3.9% (from 3.8%). [Source: BLS] With limited progress on inflation in recent months, the Fed is watching the jobs market very carefully. Talk of keeping interest rates “higher for longer” could evaporate if the UR rises above 4%.
Mortgage rates dip
Average 30-year mortgage rates have dropped from over 7.5% to near 7.2% during the past two weeks. Two main reasons for that: 1) Jerome Powell effectively took additional rate HIKES off the table, and 2) the lower than expected BLS jobs numbers. That said, the market is still only pricing in interest rate CUTS to begin at the Sept 18 Fed meeting at the earliest. [Source: Federal Reserve, CME]
Surprise surprise
For seven months in a row, the actual monthly home price growth has exceeded CoreLogic’s own forecasts, often by a wide margin. In January, CoreLogic forecast flat prices for February. Instead, they rose 0.7% month-over-month. In February, CoreLogic forecast prices would rise 0.4% in March. Instead, they rose 1.2% MoM. Miami posted the strongest price growth (+10.6% YoY); Houston the slowest (+2.1% YoY).
Local Market Trends
As of Friday, May 10, 2024
Yesenia Garcia
| Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
|---|---|---|---|---|
| 91723 | $785,750 0.1% | 9 0% | 1 | 16 -0.5% |
Local Market Trends (/) from Apr. to May. 2024.
Yesenia Garcia
New Century Realtors & Associates
License #01293970
Questions about these articles or the state of your local market? Get in touch!
626-252-0839yesenia@newcenturybroker.com
©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed.
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