Here are a few articles on the current state of Real Estate across the USA + a quick review of where things are here in the Catalina Foothills
From a New York Times article that I edited into Snippets
Interest Rates Have Dropped, but Homeowners Are Not Moving
Rukmini Callimachi
Existing home sales remain at the lowest they have been since 1995, but the country has almost 70 more million people today, according to data from the National Association of Realtors.
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the 30-year mortgage rate has dipped into the low 7s, then the high 6s and as of last week, it fell to 6.35 percent. The drop — coupled with a “likely” rate cut by the Federal Reserve at their upcoming meeting in September — should spell good news for the housing economy, but a major structural problem remains. Close to 60 percent of homeowners have outstanding mortgages that are locked in at rates below 4 percent,
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As many as 800,000 fewer moves occurred last year, a direct result of what economists call the “rate lock effect” or the “golden handcuffs,” according to a paper published last month by the National Bureau of Economic Research.
Yet people are itching to pack their bags, according to a survey of over 1,000 homeowners published by Point, a home equity startup, on Wednesday. About 72 percent of homeowners have a desire to move, up from 35 percent last year, the startup found.
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The part of the housing economy that has been hit the hardest is the so-called “resale” sector — homes that were previously owned and are sold again. “That segment of the market is what has really evaporated,” said Lance Lambert, co-founder of the news and research platform ResiClub
National Association of Realtors Magazine
Housing Market Filled With ‘Wait-and-See’ Home Buyers
August 29, 2024
Contract signings dropped to the lowest level on record last month, but pent-up buyer demand could be waiting for opportunities to open up.
realtor.com/news
Home Price Cuts Reach Highest Level in 5 Years as Sellers Show ‘Patience and Modesty’
Modesty?
CBS News
A record share of U.S. homes are worth $1 million or more. See which cities have the most.
A $1 million price tag on a U.S. home may no longer indicate a luxury property. Today, nearly one in 10 U.S. homes are worth at least $1 million, with tight supply driving prices up to record highs across the nation, according to a new Redfin report on home prices.
Here in the Catalina Foothills ...
Despite fewer homes sold in 2023 than in any year since the 2009 Great Recession, the Catalina Foothills housing market saw a dramatic increase in median sale prices. In 2023, the median sale price reached $779,250, a 57% increase from 2019. This upward trend continued into 2024, with the median sale price reaching $835,000 as of August - a whopping 68% increase from 2019.
The tight supply/high demand pushed prices to record highs, particularly for luxury homes. Sales of homes priced at $1 million or more jumped from just 7% of the market in 2019 to 30% in 2023. This year, through August, 155 homes have sold for $1 million or more, accounting for a whopping 35% of the market.
Catalina Foothills Single Family Homes
John Schneider, Realtor® | Tierra Antigua Realty
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TheFoothillsToday.com
______________________________________________________________________________________________________________________________________________________________________________________________ The homes noted in this post are homes that have been listed and sold by us, the Realtors® of the Multiple Listing Service of Southern Arizona, the MLSSAZ
