As the summer heat intensifies, so does the optimism surrounding America’s housing market. With mortgage rates poised for a possible reduction, prospective homeowners might finally catch a break. But what makes a healthy real estate market? It’s not just about current home prices, says Cassandra Happe, an expert from WalletHub.
According to Huppe, “Current home prices are extremely important, but there’s much more that you need to look at when determining the health of a city’s real estate market.” She emphasizes considering factors such as the local cost of living, future property appreciation prospects, new construction opportunities, and the strength of the area’s job market – alongside pricing and lending conditions.
A recent WalletHub analysis comparing over 300 U.S. cities revealed some exciting rankings. McKinney, TX; Frisco, TX; Cary, NC; Nashville, TN; and Durham, NC top the list of thriving real estate hotspots. Conversely, New Orleans, LA; Baltimore, MD; Shreveport, LA; Baton Rouge, LA; and Jackson, MS struggled to find footing.
In Utah specifically, the picture looks mixed. Despite boasting one of the stronger economies, its affordability (206th) leaves room for improvement. Clever Real Estate reports indicate that Beehive State residents face moderate selling times – averaging approximately 85 days – though median sales hover comfortably above $627k.
Now comes welcome news: Freddie Mac reveals a steady 30-year fixed-mortgage rate hovering near 6.5%. Moreover, whispers emanating from Capitol Hill suggest relief could arrive soon. Chairman Jerome Powell hinted at impending adjustments during his most recent address, stating flatly “‘[t]he time has come for policy to adjust.'”
This shift signals a renewed focus towards stimulating growth while reining-in runaway costs. As outlined by Redfin, Powell acknowledges shifting priorities after observing encouraging trends in employment data: ‘After repeatedly saying…that [Powell needs to see more evidence], now seeing enough.’ By supporting both jobs and stable prices, policymakers aim to restore equilibrium to an overheated sector.”
While no overnight miracles should be expected, these developments inject vital oxygen into a sluggish marketplace. Savvy would-be-buyers will seize upon these promising tidbits ahead of autumnal cooling off-season.
