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Chuck Barberini Real Estate - Weekly Newsletter
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"Just Thinking"
It’s Mother’s Day, I’m just thinking that I will spend a few minutes with a reminder, a salutation, a shout out and some random thoughts on Moms and Mother’s Day.

A Reminder - don’t forget your mother this Sunday. How grateful we should all be for the woman who sacrificed so much to bring us into this world.

A Salutation - Happy Mother’s Day to all the mothers, thank you for all your sacrifices, for all your tenacity, for your resilience and your perseverance. Every year on a sunny Sunday in May we recognize mothers; we thank them for all that they do for us and for all of the things that we take for granted the rest of the year.

A shout out - thank you Mom and Happy Mother’s Day, so many great memories of growing up, of Mothers Days past, I’m so blessed to have you as my mom.

Some Random Thoughts – I always referred to Mother’s Day as a hallmark holiday, but that was mostly tongue in check, mothers deserve a special day more than anyone. Mothers are the unsung heroes often playing multiple roles in our lives, caregivers, teachers, cooks, cleaners, and role models. When we think of Mom’s we like to picture mothers that we grew up with on TV, such as June Cleaver, Shirley Partridge or Carol Brady, the all-knowing unflappable parent who is ready with a kind word, a snack or a pat on the head. The reality is more akin to Ralphie’s Mom in “A Christmas Story”, Mother Parker is a warm and nurturing mother. She is calm, patient while managing to maintain her sanity through the chaos that surrounds her, but not afraid to have you bite of a bar of soap for saying $#@%@#.

Mother’s Day brings a mix of emotions, especially for those who have lost their mothers or have a strained relationship. It’s a day that can evoke both celebration and reflection. It's common to remember the advice and sayings from our mothers, especially on Mother’s Day. Whether humorous or heartfelt, these memories shape our perspectives and actions throughout our lives.

Happy Mother’s Day

Let me know what you think.
~Top Real Estate Stories This Week~

  • Mortgage Rates Down for First Time in Five Weeks
  • Today’s Rental Housing Market
  • No Metros with Falling Home Prices—For the First Time Since July 2022
  • Stalled Progress: Housing Affordability Squeezes Out Low-Income Buyers
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This Weeks Top Story
No Metros with Falling Home Prices - For the First Time Since July 2022
A new report from Redfin highlights a housing market situation that hasn’t happened in almost two years: home prices are not falling in any of the 50 most populous U.S. metro areas. 

During the four weeks ending April 28, 2024, the median home sale price in all these metros increased year over year or stayed flat. The last time that happened was in July 2022. 

Meanwhile, the national median sale price climbed 4.8% year over year to a near-record $383,188. And as mortgage rates remain above 7%, homeowners without a need to move who are locked into much lower rates are more likely to stay put. 

For potential buyers, high home prices and mortgage rates have driven the median monthly housing payment up 15% year over year to a record $2,890. Metros driving that home price increase are mainly affluent urban hubs, with a pair of more affordable metros thrown in. 

Metros with the biggest annual home price increases:
  1. Anaheim, CA (22.8%) 
  2. Detroit (14.9%)
  3. San Jose, CA (13.6%)
  4. West Palm Beach, FL (13.4%)
  5. New Brunswick, NJ (12.8%)
Metros with the smallest annual home price increases:
  1. Dallas (unchanged)
  2. Austin (0.3%)
  3. San Antonio (0.6%)
  4. Fort Worth (1.9%)
  5. Tampa (2.2%)

LOW INVENTORY IS KEEPING PRICES ON AN UPWARD TREND

While new listings nationwide are up 15% year over year, they’re still below typical April levels, with fewer new listings this April than any previous year on record aside from 2023 and 2020. 

The annual increase is also inflated due to the Easter effect. Easter this year landed on March 31, outside the four weeks analyzed for this report. Last year, it fell into a comparable time period in April, impacting buyer and seller activity. 

With economic indicators pointing to higher-for-longer interest rates, some homeowners are feeling the lock-in effect more and deciding to stay put rather than list their homes.

RISING MORTGAGE RATES ARE SOFTENING BUYER DEMAND

Mortgage-purchase applications declined week over week by 2%, indicating a slowdown in buyer activity due to persistently high mortgage rates coupled with high home prices—which have together driven the median monthly mortgage payment to an all-time high. 

Yet there are still enough buyers out there to outpace inventory growth. The Redfin Homebuyer Demand Index is up 3% from the previous month, approaching its highest point since August.

Meanwhile, at the May 1 FOMC meeting, the Fed decided to keep interest rates steady, though Fed Chairman Jerome Powell quelled fears that the Fed might be considering new rate hikes. He also kept open the possibility of rate cuts later this year. 
Finish - The Full Story

Posted by:
Sarah Lentz 
May 6, 2024 
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Previous Newsletters
May 3rd
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Fed Chair Jerome Powell: “We’re Not Targeting Housing Price
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January 26th
80% of Homebuyers Willing to Adjust Plans in 2024
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The road is frighteningly long if all you see is the end.
So, make reaching the end of the road your goal.
Step forward every day with a clear vision of the end.
Step after step, day after day moving forward.
You'll reach the end and achieve your goal and realize that the journey was the point all along.
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