What’s Up with Real Estate?
National news and local views for the week ending Friday, August 7, 2026
Kelly Oxford
Rates are predicted to either stay the same or increase by year end. If you are on the fence about buying, now is better than later. Call me let's talk about your BEST options!
National Real Estate News
Rates higher than last year
2026 started so promising. In late February, average 30-yr mortgage rates were briefly below 7%. Then the US/Iran war started, and oil prices spiked, pulling overall inflation (and mortgage rates) higher. Despite this, the Fed voted last week to keep the Federal Funds Rate steady. But if the war continues and inflation remains elevated, the Fed's next move could be a rate HIKE. [Source: Freddie Mac PMMS]
Not a strong job market
Payroll processor ADP said that private employers added just 44K net job in July, down from +95K in June and +122K in May. When you consider that the US labor force is around 170 million people, +44K is basically NO growth. In fact, over the last 12 months, private employers have added just 800K net jobs. Pre-COVID jobs growth was usually 2-3 million per year. [Source: ADP]
Prices in a holding pattern
According to Realtor.com, the nationwide median listing price is down about 2.5% year-over-year (-3.5% since the market peaked in mid-2022). But prices aren't flattish everywhere: we're still seeing pockets of strong price growth in the Midwest & Northeast, especially in cities where inventory is still far below pre-pandemic levels.
Local Market Trends
As of Friday, August 7, 2026
Kelly Oxford
SELLERS: should bring their patience and price their home right the first time. BUYERS: are receiving seller concessions to help buy down their interest rates. RENTERS: are expected to pay more for rent when renewing their leases.
| Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
|---|---|---|---|---|
| Gilbert, AZ |
$625,000
0%
|
796
0%
|
58 |
56
-0.1%
|
| Chandler, AZ |
$569,950
0%
|
606
-0.1%
|
38 |
57
0%
|
| Mesa, AZ |
$465,000
0%
|
1318
0%
|
85 |
56
-0.1%
|
| Tempe, AZ |
$479,950
-0.1%
|
444
0.2%
|
24 |
50
0%
|
/) from Jul. to Aug. 2026.
