###### National news and local views for the week of**, August 12, 2024**  Christopher Simpson ###### Hi there! I’m Chris Simpson, your local real estate expert in Muskegon, Michigan. Whether you’re new to the area or have called Muskegon home for years, I’m here to guide you through the local real estate market with insights, tips, and updates that matter. #### National Real Estate News ##### Jobless rate jumps Last Friday’s jobs report showed that the US economy added 114,000 jobs in July, far below expectations of +175,000. More worryingly, the unemployment rate jumped from 4.1% to 4.3%. Suddenly everyone was talking about recession risks again. Did the Fed wait too long to begin cutting rates? \[Source: Bureau of Labor Statistics\]  ##### Mortgage rates move lower The yield on the 10-year US Treasury dropped from 4.0% to 3.8% (it was at 4.5% in early July!), with the market now expecting a 50 basis point (0.5%) rate cut on September 18. Average 30-year mortgage rates fell to a low of 6.34% on August 5 (the Monday after the BLS jobs report). \[Source: Mortgage News Daily, CME\]  ##### Get ready If high mortgage rates have kept you ‘on the fence’ about buying your first home or upgrading your existing one, it’s time to start putting a plan together. The Fed is about to start cutting rates, and mortgage rates have already moved significantly lower. Plus, there are more homes to choose from! I’d love to meet up with you to discuss the market and your housing needs.  #### Local Market Trends ###### As of **Friday, August 9, 2024**  Christopher Simpson Locally we are seeing a few more days on market for newly listed homes. Area Median Price Active Listings New Listings – 5 days Median Days on Market 49442 $149,999\-0.1% 810.1% 13 310.3% 49441 $302,450\-0.6% 84\-0.1% 8 320.3% 49445 $369,0000.1% 370.1% 7 25\-0.1% 49444 $129,900\-0.1% 670.1% 6 320.2% Local Market Trends (/) from Jul. to Aug. 2024.  Christopher Simpson Nexes Realty Inc License #6501423161 * * *  Questions about these articles or the state of your local market? Get in touch! [email protected]   ©ListReports 2024, all rights reserved. This information is from third-party sources and its accuracy cannot be guaranteed. * * *
