where real property meets real data, every day
In This Edition
July 2024 Monthly Housing Report
Mortgage Rates Dip Since February
Hawaii Ban on Short-Term Rentals
Ag Land Market Is Settling
and more inside
Regional: Equity Theft is Now Illegal
Mortgage & REITS
30-Yr Fixed RM | 6.40% | - 0.22% |
15-Yr Fixed RM | 5.89% | - 0.26% |
30-Yr FHA | 6.10% | - 0.03% |
30-Yr Jumbo | 6.68% | - 0.12% |
7/6 SOFR ARM | 6.25% | - 0.08% |
30-Yr VA | 6.12% | - 0.03% |
Average going rates as of Aug 2nd 2024
S&P 500 | 5,346.56 | - 1.84% |
S&P REIT | 354.10 | - 0.28% |
FTSE NAREIT | 789.59 | + 0.067% |
Numbers as of Aug 2nd 2024 closing
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Key Trends
July 2024 Monthly Housing Market Report. See the Full Report
The housing market saw a 36.6% increase in homes actively for sale this July, marking the ninth consecutive month of growth and reaching a post-pandemic high. Unsold homes, including those under contract, rose by 22.6%. While new listings were up by 3.6% from last year, this is a decrease from June. The median home price remained steady at $439,950, though the price per square foot increased by 3.1%, indicating a rise in smaller, more affordable homes. Homes spent 50 days on the market, the highest for July since 2020. Additionally, price cuts hit a two-year high at 18.9%, surpassing pre-pandemic levels. Discover more.
Happening Now
Mortgage Rates Dip as Housing Market Shows “Signs of Change”. Dive
This week, the average 30-year fixed mortgage rate dipped to 6.73%, its lowest since February. Despite this, many buyers are waiting for a larger rate cut this fall. The market shows subtle shifts: new listings fell, total inventory grew, and homes are staying on the market longer. The median listing price dropped slightly to $445,000, reflecting affordability challenges. While the number of homes for sale increased by 37.1% year-over-year, new listings fell by 2.3%. Homes are now on the market for an average of 50 days, five days more than last year. Continue reading
Hawaii Poll Shows Opposition to Proposed Ban on Short-Term Rentals
A recent poll by SMS Research & Marketing Services, commissioned by the Maui Vacation Rental Association, reveals that most Hawai‘i voters oppose Mayor Richard Bissen's proposed ban on short-term rentals. Of the 500 registered voters surveyed, including 57 from Maui County, 73% support legal short-term rentals and banning illegal ones. Only 10% support a total ban. This opposition suggests that phasing out 7,000 of 13,000 vacation rentals could harm the economy. The bill is now up for final review by the Maui County Council. Read full story
Regional Zone - Massachusetts
Equity Theft is Now Illegal, Home Owners Get Money Back. More Details
Gov. Maura Healey signed the new law that stops municipalities from selling a foreclosed home and keeping more than what is owed in the former owner’s equity as profit as an amendment in the fiscal 2025 budget.
Now, if a city or town forecloses on a home due to unpaid taxes and sells it, whatever equity remains after the tax is paid off must be returned to the former homeowner.
“It’s a big deal,” said Pioneer Public Interest Law Center President and former Judge Frank Bailey.
Special Topic - AG Land
Ag Land Market Shows Signs of Settling, See Reports by Region
Looking ahead to 2024, higher interest costs and lower commodity markets will influence land purchase decisions, with agricultural profitability being a crucial factor. Farmers National Company’s (FNC) mid-year report, continues to see strong demand for real estate services, maintaining high transaction volumes. According to Paul Schadegg, senior VP at FNC, land assets remain highly valuable, with historical appreciation and ongoing demand supporting current values.
Economic Indicator
S&P 500 worst day since 2022, Nasdaq crashes 3% on US Jobs Data.
Wall Street losses deepened on Friday, August 2, with a sharp drop in US equities and US Treasury yields at multi-month lows after a weak jobs report fueled worries the US Federal Reserve has been too slow to cut key the interest rates, risking a more pronounced US economic slowdown.
Downbeat forecasts from Amazon and Intel hit the pricey Big Tech valuations—richly valued technology firms—exacerbating a selloff that brought the tech-heavy Nasdaq Composite index into correction territory. The cooler-than-expected jobs data stoked fears among traders that the US could be heading towards recession, explore further.
Dwelling’s in Market
Glass Inspired Industrial Design. Link to Listing
And…that's a wrap on this edition!
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