💰 Wealth & Walls: Your Exclusive Weekly Economic & Real Estate Update
For the week of June 24, 2024
The month of June is dedicated to men's mental health awareness, and June 10-16 is International Men's Health Week. It's meant to, not only raise awareness of men's mental health issues, but to also encourage men to seek help. There is often a stigma placed around men's mental health.
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🕵🏼♀️ TIP OF THE WEEK:
The Downside of Selling Your Home Without an Agent (Infographic)
STILL POSITIVE... The three major stock indexes posted positive results for the holiday-shortened week despite some negative data, led by University of Michigan Consumer Sentiment, now 30% below its pre-pandemic level.
Folks aren't thrilled that prices overall have risen about 21% since 2020, the largest four-year increase over the past 40 years. Small wonder we got weaker-than-expected May Retail Sales.
We also saw the Leading Economic Index down for the second month in a row. But stronger-than-expected Industrial Production and in-line Business Inventories should allay concerns about a hard-landing for the economy.
The week ended with the Dow UP 1.5%, to 39,150; the S&P 500 UP 0.6%, to 5,465; and the Nasdaq UP less than 0.1%, at 17,689.
Prices slipped in the bond market, the 30-Year UMBS 6.0% dipping 0.06, to $99.06. The national average 30-year fixed mortgage rate fell for the third straight week 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.
Housing Starts slipped about 5% in May, but demand should improve. Low existing home inventory is sending buyers to new builds, and millennials, the largest living generation in the U.S., are entering the housing market in force.
Because of that low inventory, Existing Home Sales dipped in May, but just down less than 1% for the month. And there are signs of progress. Inventories have risen 18.5% the past year, and that trend looks to continue.
Existing-home sales slipped 0.7% in May to a seasonally adjusted annual rate of 4.11 million. Sales descended 2.8% from one year ago.
The median existing-home sales price jumped 5.8% from May 2023 to $419,300 – the highest price ever recorded and the eleventh consecutive month of year-over-year price gains.
The inventory of unsold existing homes grew 6.7% from the previous month to 1.28 million at the end of May, or the equivalent of 3.7 months' supply at the current monthly sales pace.
A Harvard University study revealed a whopping 13% of Americans move every year. This underscores the fact that the life events that cause people to move keep happening regardless of market conditions.
DID YOU KNOW… A recent Harris Poll found that over half of Americans erroneously believe mortgage rates are now at an all-time high, and only 36% know that a down payment of 20% is NOT required to purchase a home.
CURRENT 30-YEAR FIXED MORTGAGE RATE (CNBC)
Previous Close: 7.01
Note: Mortgage rates fluctuate frequently and are based on several factors and will vary from borrower-to-borrower.
As of Mon. June 24, 2024 1:10 PM PST
HOME BUILDING, EXISTING HOME SALES, RETAIL SALES... Analysts expect home builders to ramp up activities in May, with both Housing Starts and Building Permits ahead for the month. More new homes will be welcome, as tight inventory is predicted to push down Existing Home Sales in May. Retail Sales are forecast up a bit in May, showing consumers keep helping things out.
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 1,837 sold June listings in from the MLS as of June 24, 2024. (All counties in the Southern Nevada LVR MLS, not just Clark as referenced in the above graphic.)
CURRENT JUNE MEDIAN PRICES
Single Family
$475,000
+$1,500
Up from May of $473,500
Condo
$255,000
+$5,000
Up from May of $250,000
Townhomes
$355,000
-$545
Down from May of $355,545
This week, we are going to analyze the data compared to last week’s reading on June 17, 2024.
As of June 24, 2024, there are currently active (W/w change):
4,346 Single Family Homes (+40) +0.92%
980 Condos (+24) +2.51%
479 Townhouses (-8) -1.64%
209 Manufactured Homes (-3) -1.41%
446 High Rise Units (+12) +2.76%
80 Multiple Dwellings (+6) +7.50%
2,183 Parcels of Land (-3) -0.13%
3,184 Rentals On Market (+30) +0.95%
Past Seven Days Market Watch (W/w change):
878 New Listings (-161) -15.49%
222 Back on Market (+23) +11.55%
109 Price Increases (+20) +22.47%
729 Price Decreases (-34) -4.47%
921 Accepted an Offer (+27) +3.02%
669 Sold (-8) -1.18%
51 Expired (-9) -15.00%
246 Taken Off Market (-45) -15.46%
This reading, there are 100 less active residential resale properties on the market compared to last week's reading on June 17, 2024 for a total of 6,379 available properties - decreasing inventory by 1.54%.
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
OVERVIEW:
Considering selling your house without an agent? You should know there are some serious downsides to handling it on your own. You’ll be missing out on marketing tools that draw in more buyers, pricing and market expertise, essential negotiation skills, in-depth knowledge of the fine print in contracts, and so much more. Don’t take all of this responsibility on. Instead, DM me so you have someone with the knowledge and experience you’ll need on your side.
Forecasting Federal Reserve policy changes in coming months. Fed watchers still expect we’ll see the rate hold in July, but then get a quarter percent cut in September, likely followed by another hold, although there is sentiment for both a cut and a hike. Note: In the lower chart, the 10.3% probability of change is an 89.7% 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
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3960 E. Patrick Ln. Ste. 204
Las Vegas, NV 89120
NV Lic. # S.0180594
