Realty One of NM
License #51526
National Real Estate News
CPI was flat in October
“Core” CPI (which excludes food & fuel prices) rose 0.3% month-over-month in October, keeping annual inflation flat at +3.3%. However, “Headline” CPI (which includes everything) saw annual inflation rise from +2.4% in September to +2.6% in October. Though the lack of progress (getting inflation lower) was disappointing, the market still expects another Fed rate cut in Dec. [Source: BLS]
Unlucky number 7
After surging higher for all of October and half of November, average 30-yr mortgage rates appear to be consolidating around 7%. Q: With the Fed cutting short-term rates, why are mortgage rates not following the Fed Funds Rate lower? A: Concerns that President-elect Trump’s policies could boost growth but also reignite inflation and/or further increase the deficit. [Source: Mortgage News Daily]
Housing builds wealth
The median net worth (that’s total assets minus total debts) of homeowners has risen from $296,000 in 2019 to $415,000 in 2024. That’s up 40%! Over the same time period, the Case-Shiller national home price index has risen 50%. See the connection? Owning a home builds wealth. Renting a home builds your landlord’s wealth. [Source: NAR, S&P DJI]
Local Market Trends as of November 15, 2024
| Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
|---|---|---|---|---|
| 87015 |
$455,000
 0% |
23
 -0.3% |
1 |
44
-0.3% |
| 87112 |
$339,000
0% |
88
 0.2% |
8 |
47
-0.1% |
| 87047 |
$660,000
-0.1% |
35
0% |
4 |
79
-0.1% |
| 87059 |
$625,000
0.1% |
18
-0.3% |
1 |
80
0.4% |
/) from Oct. to Nov. 2024.
