Monday, January 22, 2024 / by Don Minehart
Real Estate Market Update for January 22, 2024
Despite this, the appetite for purchase loans experienced a surge last week, with potential homebuyers seizing the opportunity presented by rates still one percentage point lower than the peaks of 2023. This insight comes from a recent survey by the Mortgage Bankers Association, revealing a positive trend even as mortgage credit availability hit its lowest point since December 2012.
Industry experts suggest that the decline in credit availability is attributed to market consolidation, resulting in the removal of various loan programs. In a forecast released on December 12, MBA economists anticipate a drop in rates for 30-year fixed-rate loans to an average of 6.1 percent in the fourth quarter of 2024. Fannie Mae economists are slightly more conservative, projecting an average of 6.5 percent in the year's final three months.
The trajectory of interest rates is contingent on future economic and employment data, influencing Federal Reserve policymakers grappling with inflation and financial growth decisions. Yields on 10-year Treasury notes, a key indicator for mortgage rates, have risen, reflecting continued U.S. economic growth. Analysts predict stability in 10-year Treasury yields until June, suggesting a static phase for mortgage rates during the spring homebuying season.
Notably, standards have tightened for conventional mortgages eligible for purchase by Fannie Mae, Freddie Mac, and government-backed FHA and V.A. loans. This shift is driven by decreased investor demand for renovation and streamlined refinance loans.
Waiting for further interest rate reductions may not be optimal for those contemplating a move. Anticipate increased competition and potential overpayment in a market where multiple offers are becoming the norm. Recent experiences showcase the high demand, with one property attracting an estimated 250 visitors during an open house tour, indicating a robust market.
Whether buying or selling, partnering with us ensures a strategic advantage. Our expertise positions buyers for success in competitive scenarios, while sellers benefit from our proficiency in navigating multiple offers, guiding you seamlessly to the closing table. In a market characterized by dynamism, talent is the key to turning opportunities into successful real estate transactions.
Cranberry Twp, PA 16066
| Median List Price | $472,400 | |
| Median Price of New Listings | $472,450 | |
| Per Square Foot | $204 | |
| Average Days on the Market | 70 | |
| Median Days on Market | 42 | |
| Price Decreased | 32% | |
| Price Increased | 0% | |
| Relisted | 6% | |
| Inventory | 34 | |
| Median Rent | $2,999 | |
| Market Action | 51 | |
| Strong Seller's Market | ||
| Median List Price | $669,950 | |
| Median Price of New Listings | $959,900 | |
| Per Square Foot | $262 | |
| Average Days on the Market | 185 | |
| Median Days on Market | 95 | |
| Price Decreased | 31% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 16 | |
| Median Rent | $2,575 | |
| Market Action | 50 | |
| Strong Seller's Market | ||
Canonsburg, PA 15317
| Median List Price | $449,000 | |
| Median Price of New Listings | $350,000 | |
| Per Square Foot | $200 | |
| Average Days on the Market | 113 | |
| Median Days on Market | 91 | |
| Price Decreased | 44% | |
| Price Increased | 0% | |
| Relisted | 14% | |
| Inventory | 43 | |
| Median Rent | $1,788 | |
| Market Action | 44 | |
| Slight Seller's Advantage | ||
Real-Time Market Profile
| Median List Price | $695,000 | |
| Median Price of New Listings | $382,499 | |
| Per Square Foot | $214 | |
| Average Days on the Market | 157 | |
| Median Days on Market | 84 | |
| Price Decreased | 32% | |
| Price Increased | 8% | |
| Relisted | 0% | |
| Inventory | 25 | |
| Median Rent | $829 | |
| Market Action | 38 | |
| Slight Seller's Advantage | ||
Real-Time Market Profile
| Median List Price | $865,000 | |
| Median Price of New Listings | $875,000 | |
| Per Square Foot | $283 | |
| Average Days on the Market | 148 | |
| Median Days on Market | 119 | |
| Price Decreased | 40% | |
| Price Increased | 7% | |
| Relisted | 13% | |
| Inventory | 15 | |
| Median Rent | $1,773 | |
| Market Action | 41 | |
| Slight Seller's Advantage | ||
