🚨 PROPERTIES UNDER $500,000 🚨

Are you looking at affordable properties or maybe a new investment property? I have compiled a list of all the homes under $500,000 and over 2,000 sq. ft. SEE HOMES HERE



MARKET UPDATE

HOME PRICES SOAR HIGHER

The Case-Shiller Home Price Index reported that Home Prices Rose .4% in February 2024 (there is a 3 month lag in this report), pushing home prices up 6.4% year over year.

To put this in perspective, if a family purchased a $400,000 house one year ago, that home would be worth $425,600 today if the area followed the national averages.

Here is a CNBC article breaking down the Case-Shiller release: 

https://www.cnbc.com/2024/04/30/sp-corelogic-case-shiller-home-prices-index-february.html

Here are the year over year results for the 20 city index:

1. San Diego +11.4%

2. Chicago +9.0%

3. Detroit +8.9%

4. Los Angeles +8.7%

5. New York +8.7%

6. Charlotte +8.2%

7. Boston +8.0%

8. Miami +8.0%

9. Las Vegas +7.3%

10. Washington +7.1%

11. Seattle +7.1%

12. Cleveland +7.0%

13. Atlanta +6.4%

14. San Francisco +5.2%

15. Phoenix +4.9%

16. Tampa +4.3%

17. Minneapolis +3.9%

18. Dallas +3.5%

19. Denver +2.8%

20. Portland +2.2%

MARKET RATES

Finally, after a month straight of interest rates moving higher, we received some relief.

The Mortgage Backed Security Market (MBS) closed the past week up + 57 bps, improving mortgage interest rates by. approximately .25%.

See MBS chart moving down for most of April, and that nice movement up at the end of April and into May.

So what the heck happened!

On Wednesday, the FED kept the Federal Funds Rate the same BUT….

They are lowering the pace at which bonds go off it’s balance sheet. They are going to be reinvesting $35 billion per month into U.S. Treasuries.

Higher demand for treasuries, can lower the price of treasuries which can result in interest rates moving down. This is great news!

FED Chief Powell also stated that they will definitely not raise the Federal Funds Rate in the foreseeable future.

On Friday, the BLS reported 175,000 jobs created in April, well below the 243,000 expected number. The unemployment rate also went from 3.8% to 3.9%.

What does this all mean?

It means the economy is showing signs of weakness. A weakening economy helps lower demand for goods and services, thus helping lower inflation. All these trends in combination, could finally cause the FED to lower the Federal Funds Rate.

Could we be finally be seeing the light at the end of the tunnel towards the FED lowering the Federal Funds Rate?  

Thinking about buying or selling this year?

We are happy to sit down and talk with you about it.

Let us know if there is anything in the world we can do for you!

Looking for the #1 agent in the Central Valley? 

Call/Text Alex today 209-605-0405

Levy Real Estate Group

Call Alex (209) 605-0405

It's time you hire someone who doesn't just make

promises but delivers results.

Who you hire matters!