Kanab Real Estate Roundup for the 2nd Week of April 2023
Watch the Kanab Market Update HERE.
Hello, and welcome to Spring and your Kanab Real Estate Roundup for the week of April 11, 2023.
We have good news about mortgage rates!
Home loan rates reached their best levels in two months on the heels of not-so-good news. The JOLTS (Job Openings and Labor Turnover Survey) report, a leading indicator on the health of the labor market, showed signs of cooling. It revealed 9.8 million jobs available, 700k less than expected and the first reading under 10 million in three years. This could be a sign to the Federal Reserve that the labor market is finally showing signs of slowing down, which is what they want to help lower inflation.
Remember that the Federal Reserve Bank's "The Feds'" purpose is to help make the national economy and financial system safer and more stable. It influences the money supply and credit conditions in order to accomplish several goals: to promote steady prices and full employment, to promote stability in the financial system, and to facilitate sustainable economic growth.
- 30-year fixed-rate mortgage averaged 6.28 percent as of April 6, 2023, down from last week when it averaged 6.32 percent. A year ago at this time, the 30-year FRM averaged 4.72 percent.
- 15-year fixed-rate mortgage averaged 5.64 percent, up from last week when it averaged 5.56 percent. A year ago at this time, the 15-year FRM averaged 3.91 percent.
Experts Predict Home Prices Will Increase
According to the Home Price Expectation Survey, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year.
Housing Inventory is Low
- One reason inventory is so low is that many homeowners were able to lock in record low interest rates in 2020 and 2021 and don't want to sell now only to buy with a higher mortgage.
- Another reason is the low level of new-home construction due to material and labor costs.
What does all of this mean for buyers?
- Waiting to buy a home could mean it’ll become more expensive to do so.
- Buying now means the value of your home, and your net worth, will likely grow over time.
What does all of this mean for sellers?
- In a housing market with low inventory, sellers typically charge more for homes while buyers have fewer choices. This makes low inventory markets especially challenging for buyers and favorable to sellers.
Here in Kanab (spring break and Easter led to low activity)...
New Listings This Week - 1
Price Decreases This Week - 2
Under Contract This Week - 0
Sold This Week - 2
Total Inventory of Homes Available – 27
We LOVE being your local experts! Want to see what’s available? Check out the entire Kanab real estate market at www.LoveKanab.com. We can show you everything you want to see!