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MNR Market Monday Update—December 30, 2024

By MNR News posted 12-30-2024 03:45 PM

  
Across the NorthstarMLS coverage area, showing activity was down 7.0% compared to the same week in 2023. That said, five out of nine price ranges did see more showings compared to last year. Every segment under $400K—where inventory is thin and options are limited—garnered less showing activity.  The $300-400K price range, which includes the statewide median home price, accounted for the largest share of showings at 25.3%

So far this year, seller activity has risen 6.5% while buyer activity has barely risen 1.0%. The latest November monthly figures highlight a departure from that pattern. New listings were down about 1.0% while pending sales increased by 8.5%. More data is needed to confirm if this is a new trend or a blip. Homes took longer to sell as market times rose to 45 days; and those homes sold for more as the median home price rose 4.4% to $340,000. Inventory also rose, though by a lesser amount than in the past. Sellers accepted offers within about 97.0% of their list price. While the 2.6 months of supply still favored sellers, buyers have more options than in the past.

30-year fixed mortgage rates are still hovering around 7.0%, according to Mortgage News Daily. The Federal Reserve made their quarter-point rate cut decision this month, but markets weren’t happy. The rate cut was mostly expected and priced in, but it was Chair Powell’s commentary afterwards that rattled markets. Powell suggested a slower pace to rate cuts in 2025 while policymakers expect inflation readings to remain closer to 2.5% instead of 2.2%. Rates are likely to continue their descent, but at a slower clip than originally anticipated. 


To view the latest Weekly Showings Report, click here. 

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