Real Estate News 09/09/2024

Today’s News Synopsis:

Declining mortgage rates have pushed the median U.S. housing payment down to $2,534, roughly $300 below April’s record high. But many homebuyers are still sitting on the sidelines. Some are hoping mortgage rates will fall further once the Fed cuts interest rates in a few weeks, and others are waiting for clarity about the new NAR rules or the outcome of the presidential election.

In The News:

Redfin – “Housing Payments Have Dropped to Their Lowest Level Since January. But Home Sales Are Still Falling“ (09-04-2023)

“Weekly average mortgage rates have fallen to the lowest level in a year and a half. That’s saving homebuyers money, even though home-sale prices are still near record highs. The median U.S. monthly housing payment fell to $2,534 during the four weeks ending September 1, the  lowest level since January and down nearly $300 from April’s all-time high.”

NAR – “HMDA and Housing Demand“ (09-05-24)

“The Home Mortgage Disclosure Act (HMDA) provides detailed information on mortgage lending activity, offering valuable insight into housing demand. ”

CNBC –  “Young rich Americans are fleeing California and piling into Florida” (09-06-2024)

“The Sunshine State had a net gain of 1,786 young households earning at least $200,000 in 2022, making it the state with the highest net migration of wealthy Americans from ages 26 to 35, according to a SmartAsset analysis of IRS data. ”

Yahoo Finance –  “The market shouldn’t cheer a larger rate cut in September: Morning Brief” (09-05-24)

“It’s a market cliche that a “Goldilocks” economy is good for stocks. Over the past 18 months an economy regularly defying pessimistic expectations swept away any prognosticators worried it would be “too cold.””

CNBC – “August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2%” (09-06-2023)

“The unemployment rate ticked down to 4.2%, as expected. However, the “real” unemployment rate edged up to 7.9%, its highest reading since October 2021.”