What’s Up with Real Estate?
National news and local views for the week ending Friday, November 10, 2023
National Real Estate News
Further rate relief
Treasury bond yields and mortgage rates continued to drift lower, with the average 30-yr mortgage rate dropping below 7.5%. Even though Fed Chairman Jerome Powell very explicitly kept the door open for further rate increases, the market clearly thinks that: 1) this rate hike cycle is over, and moreover 2) that multiple rate cuts will happen in 2024.
Eight straight
According to CoreLogic, September home prices rose 0.3% month-over-month, marking the 8th-straight month of increases. Compared to September 2022, prices were up 4.5% year-over-year. (Remember that prices were declining this time last year.) And the results are very different from city to city, with Miami prices up 8.5% YoY while Las Vegas prices are still down 0.3% YoY.
Improve your score
If you’re looking to finance a home purchase in the near future, make sure you’re doing everything you can to strengthen your credit score. Of course you need to pay your bills on time. But there are many other things that you can do (like checking your report for errors.) And several things that you definitely should not do (like signing up for new credit cards.)
Local Market Trends
As of Friday, November 10, 2023
| Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
|---|---|---|---|---|
| Des Plaines, IL |
$344,450
-0.1%
|
86
0.2%
|
14 |
24
0%
|
/
) from Oct. to Nov. 2023.