💰 Wealth & Walls: 📰 Your Exclusive Weekly Economic & Real Estate Update
For the week of May 13, 2024
💰 Wealth & Walls:
📰 Your Exclusive Weekly Economic & Real Estate Update
For the week of May 13, 2024
“When I let go of what I am, I become what I might be.”—Lao Tzu
🕵🏼♀️ TIP OF THE WEEK:
The Sun Is Shining on Sellers This Summer (Infographic) ‘
RALLY ROCKS ON... Momentum from the prior week’s rally sent the major stock indexes to another winning week, as traders felt a weakening economy would halt inflation, allowing the Fed to cut rates to avoid recession.
In a sparse week of economic reports, initial jobless claims jumped, seen as a sign of softening in the labor market. University of Michigan Consumer Sentiment dropped in May, thanks to a rise in inflation expectations.
Yet first quarter corporate earnings have far exceeded analyst estimates, and are on track to grow at around 10% for 2024. So, if the Fed does one or two rate cuts later this year, we could see the hoped-for soft landing for the economy.
The week ended with the Dow UP 2.2%, to 39,513; the S&P 500 UP 1.9%, to 5,223; and the Nasdaq UP 1.1%, to 16,341.
The bond market finished the week sideways, though the 30-Year UMBS 6.0% was UP .82, to $100.07. The national average 30-year fixed mortgage rate moved down in Freddie Mac's Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
Applications for purchase mortgages headed up last week by a seasonally adjusted 2% over the week before, according to the Mortgage Bankers Association. Refinance applications were up by 5%, week-over-week.
CoreLogic reports home prices in March were up more than 5% annually for the fifth straight month, while the National Association of Realtors found 92.3% of metros posted annual price increases the first three months this year.
Small wonder more than two thirds of those polled by Fannie Mae in April think it’s a good time to sell a home—the highest level in nearly two years. Their Purchase Sentiment Index is up more than 5 points from a year ago.
DID YOU KNOW… Mother’s Day may have been yesterday, but it’s all year long in the housing market. Realtor.com found that 75% of survey respondents, in an ideal world, would live close to mom.
CURRENT 30-YEAR FIXED MORTGAGE RATE (CNBC)
Previous Close: 7.15
Note: Mortgage rates fluctuate frequently and are based on several factors and will vary from borrower-to-borrower.
FREE DUTCH BROS ON YOUR B-DAY! ☕️
As of Mon. May 13, 2024 12:53 PM PST
Each week we will update the current median price for the current month. These properties include all of Southern Nevada whereby the above graphic is only Clark County, NV.
Keep in mind the majority of sales occur at the end of the month, so official numbers will be published on the first Monday of each month. These median prices are calculated from 981 sold May listings in from the MLS as of May 13, 2024. (All counties in the LVR MLS, not just Clark as referenced in the above graphic.)
CURRENT MAY MEDIAN PRICES
Single Family
$472,250
+$2,250
Up from April of $470,000
Condo
$247,500
-$2,500
Down from April of $250,000
Townhomes
$355,000
+/- $0.00
Unchanged from April of $355,000
As of May 13, 2024, there are currently active (M/m change):
3,970 Single Family Homes (+187) +4.94%
927 Condos (+54) +6.18%
457 Townhouses (+17) +3.86%
225 Manufactured Homes (+25) +12.50%
386 High Rise Units (+10) +2.66%
63 Multiple Dwellings (-9) -12.50%
2,180 Parcels of Land (+20) +0.92%
2,966 Rentals On Market (+28) +0.95%
Past Seven Days Market Watch (M/m change):
985 New Listings (+32) +3.35%
237 Back on Market (+37) +1.85%
92 Price Increases (-65) -41.40%
674 Price Decreases (+139) +25.98%
980 Accepted an Offer (+16) +1.66%
683 Sold (+72) +11.78%
60 Expired (-10) -64.70%
263 Taken Off Market (+8) +3.13%
This reading, there are 329 more active residential resale properties on the market compared to last month's reading on April 8, 2024 for a total of 6,028 - an increase of 5.77%.
Las Vegas, NV 89120 | MLS 2523540
5855 Pearlite Ave.
5 BED | 3 BATHS | 3,307 SF
4.35 ACRES | POOL & SPA
IRREVOCABLE WATER/IRRIGATION RIGHTS (10 ACRE FEET)
EQUESTRIAN ARENA | BARN | FERTILE SOIL
HOME BUILDING, RETAIL SALES, INFLATION... Economists expect an uptick in both Housing Starts and Building Permits for April. Retail Sales should post an April gain, with most of the rise because of inflation. We'll get April inflation reads for the Consumer Price Index (CPI) and the Producer Price Index (PPI) of wholesale prices. Both are forecast to remain at elevated rates.
HOME BUILDING, RETAIL SALES, INFLATION... Economists expect an uptick in both Housing Starts and Building Permits for April. Retail Sales should post an April gain, with most of the rise because of inflation. We'll get April inflation reads for the Consumer Price Index (CPI) and the Producer Price Index (PPI) of wholesale prices. Both are forecast to remain at elevated rates.
OVERVIEW:
If your needs have changed, now’s a great time to sell and get the features you want most. Many buyers are eager to move between the school years, so you may see a faster sale, multiple offers, a higher final sales price, and more. If you want to get your house ready for a summer listing, let’s connect.
Forecasting Federal Reserve policy changes in coming months. Fed watchers still expect to see the central bank’s first rate cut in September, and no movement in rates until then. Note: In the lower chart, the 3.5% probability of change is a 96.5% probability the rate will stay the same. Current rate is 5.25%-5.50%.
With gratitude,
Jordan C. Dove, ABR® SFR®
MANAGING PRINCIPAL | REALTOR®
Dove & Associates Powered by Nationwide Realty
702.767.5557 | Jordan@DoveandAssociates.com
JordanDove.com | DoveandAssociates.com
Subscribe to my YouTube Channel
3960 E. Patrick Ln. Ste. 204
Las Vegas, NV 89120
NV Lic. # S.0180594
