Real Estate News 07/10/2024

Today’s News Synopsis:

Pending home sales posted their biggest decline since February during the four weeks ending June 30. The good news for prospective buyers: There are more new listings to choose from, and monthly housing payments are down nearly $100 from their April peak as mortgage rates decline.

In The News:

Redfin – “U.S. Home Prices Hit New All-Time High, Pushing Pending Sales Down 5%“ (07-03-24)

“Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision. ”

Yahoo Finance –  “Fed needs ‘more good data’ to feel comfortable about rate cuts: Powell“ (07-09-2024)

“Federal Reserve Chair Jay Powell indicated the central bank is inching closer to feeling comfortable about interest rate cuts, saying that he was encouraged by evidence of cooler inflation and that more “good data” would help get the Fed to where it wants to be.”

East Bay Times –  “What are Southern California’s best cities for renters?” (07-10-24)

“Irvine was Southern California’s top rental spot, by WalletHub’s math, ranking No. 22 overall nationally.”

NAR – “Pending Sales in May 2024 Hit a New Low” (07-01-2023)

“NAR released a summary of pending home sales data showing that May’s pending home sales fell 2.1% from last month and decreased 6.6% from a year ago.”