National news and local views for the week ending Friday, May 24, 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

Home sales slow

Higher mortgage rates rained on Spring sales. Existing (previously owned) home sales dropped 1.9% month-over-month to 4.14 million units annualized in April. That was the 2nd-straight month of declines. However, the median sales prices rose 3.7% MoM to $407,600, as higher-end home sales rebounded. [Source: NAR]

But competition rises

Like it does every year at this time, buyer competition levels are rising. 68% of the homes sold in April were on the market less than a month (up from 60% in March). The average home sold in April received 3.2 offers (up from 3.1 in March and 2.7 in February). Defying high home prices and mortgage rates, first-timers made up 33% of the purchases in April. [Source: NAR]

Rates hold around 7%

The slower existing AND new home sales that we saw in April reflected 30-yr mortgage rates closer to 7.5%. But in the past few weeks, rates have dropped back closer to 7% on cooler inflation, employment, and retail sales data. Will these lower rates be enough to boost May sales and get the Spring selling season back on track? [Source: Mortgage News Daily]

Local Market Trends

As of Friday, May 24, 2024

Yesenia Garcia

Here are housing stats for Covina (91723)

Area	Median Price	Active Listings	New Listings – 5 days	Median Days on Market
91723	$829,0000.1%	110.2%	3	20-0.3%

Local Market Trends (/) from Apr. to May. 2024.

Yesenia Garcia

New Century Realtors & Associates

License #01293970

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Questions about these articles or the state of your local market? Get in touch!

626-252-0839 yesenia@newcenturybroker.com

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