Local Market Trends
As of Friday, April 12, 2024
| Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
|---|---|---|---|---|
| Aurora, IL |
$407,990
0.1%
|
95
0.1%
|
36 |
14
-0.5%
|
| North Aurora, IL |
$462,490
0%
|
40
0.7%
|
8 |
22
-0.2%
|
| Sugar Grove, IL |
$524,900
0.1%
|
15
0.2%
|
3 |
25
-0.4%
|
| Montgomery, IL |
$285,000
0%
|
7
0.4%
|
4 |
2
-0.9%
|
/) from Mar. to Apr. 2024.___________________________________________________
National Real Estate News
More homes for sale
Good news first: there were 24% more homes for sale nationwide in March 2024 than there were a year ago. In some markets, active inventory is already back to pre-pandemic levels. For buyers, having more options is always good. Greater supply could also limit price growth or lead to price reductions in well-supplied markets where there is significant new home construction underway. [Source: Realtor.com]
CPI shocks
Bad news next: March “headline” CPI (Consumer Price Index = inflation for you and me) rose to 3.5% year-over-year from 3.2% YoY in February. That was the 2nd-straight month of RISING inflation. The “core” CPI (which excludes food & fuel prices) in March was flat at 3.8% YoY, having made very little progress over the last six months. The bond market did not like this at ALL. [Source: BLS]
Mortgage rates leap
It was a bruising week for mortgage rates, with the bond market reeling from the 1-2 punch of “hotter” jobs data (the unemployment rate fell) AND “hotter” inflation (CPI rose). The yield on 10-year US treasury bonds spiked above 4.5% (levels last seen in Nov 2023), and average 30-year mortgage rates leaped to near 7.4%. [Source: Mortgage News Daily, CME]
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