3 Graphs that Show What You Need to Know About Today’s Real Estate Market
The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!
The best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.
Interest Rates:
“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac
Income:
“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” – Lawrence Yun, Chief Economist at NAR
Home Prices:
“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.
Bottom Line
These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!
What Is Final Expense Life Insurance?
Purpose: A whole life insurance policy providing $2,000–$35,000 in coverage to cover funeral and end-of-life costs. Eligibility: Requires no medical exams; approval based on answering basic health questions, making it accessible for most individuals.
Trump’s Economic Policies Impacting Housing
Mortgage rates may stay elevated at 6-7% due to inflation and monetary policy. Proposed tax changes could boost homeownership through mortgage deductions and capital gains adjustments.
Utah legislators reject ‘preemption,’ stop two housing bills intended to permit smaller homes
Utah lawmakers are struggling to tackle the state's housing affordability crisis, as recent bills promoting smaller housing types have stalled. HB88 and HB90, which proposed mandatory accessory dwelling units and smaller lot sizes, faced local government...
Happy Mardi Gras
Utah House Committee Votes Against Bills That Make Housing More Affordable
A Utah House committee did not vote on two housing bills, HB 88 and HB 90, aimed at addressing the state's housing shortage, despite support from the governor's office. HB 88 would allow detached accessory dwelling units in urban residential zones, while HB...
Ready to Buy a Home in 2025? Get the Inside Scoop
Start preparing finances early: Ensure credit is good, calculate affordability, and get ready to make a competitive offer.Current market improvements: 2025 offers better opportunities for buyers after high prices and limited options in 2024.
Cut Your Insurance Premiums: Simple Savings Tips
Maintain a Good Credit Rating: Strong credit scores often lead to lower premiums for auto and homeowner insurance.Drive Safely: A clean driving record and good grades for students can significantly reduce insurance costs.
Utah lawmakers say no to ‘preemption,’ halt 2 housing bills aimed at allowing smaller homes
Utah lawmakers are facing challenges in addressing the housing affordability crisis, with two bills aimed at allowing smaller homes failing to progress in the legislative session. Rep. Ray Ward's proposals, which included permitting accessory dwelling units and...
Tips for Finding Bargain Houses in 2025
Start house hunting in January to benefit from lower prices and reduced buyer competition. Hire a local Real Estate agent with expertise in undervalued properties and market trends.
A Utah bill requiring 60 days notice to raise rent fails
A Utah bill requiring landlords to provide two months' notice before raising rent has been halted for the third consecutive year. The House Business, Labor, and Commerce Committee rejected HB182, which aimed to give tenants more security. The Utah Rental Housing...