📰 Your weekly inside scoop on real estate
For the week of September 11, 2023
For the week of September 11, 2023
🕵🏼♀️ TIP OF THE WEEK: Home Price Forecasts Revised for 2023 (Infographic)
STILL ON VACATION... Trading volumes were down in the holiday-shortened week, as Wall Street stayed in vacation mode past Labor Day. Continuing concerns over inflation and the economy left equities with a losing week.
A sharp bump in oil prices fueled inflation concerns, which had traders worried consumers would dial back their spending. Signs of a slowing economy came with exports and imports both down from a year ago.
Yet activity in the huge services sector accelerated in August, though prices also rose at a faster pace. But vehicle sales are up almost 14% from a year ago, and initial jobless claims sank to their lowest level since February.
The week ended with the Dow down 0.7%, to 34,577; the S&P 500 down 1.3%, to 4,457; and the Nasdaq down 1.9%, to 13,762.
Bonds mimicked equities, the 30-Year UMBS 6.0% falling 0.80, to $99.29. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate headed down again. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
More homebuyers are searching for homes in areas outside where they live. During Q2 this year, 60.3% of listing views in the top 100 metros went to homes in another metro, an increase over the prior quarter and prior year.
Home flippers keep making money. Flippers who sold in June typically got 61%—or $188,448—more than their original purchase price. This was down from 69% a year earlier, though still a substantial gain.
A recent study by an online real estate database found that nearly 40% of first-time homebuyers under the age of 30 used either a cash gift from family members, or an inheritance, to help fund their down payments.
DID YOU KNOW… Realtor.com’s My Home dashboard will now show homeowners what they could earn if they put their home, or a room in it, on Airbnb. The dashboard also links directly to the short-term rental platform.
As a Solar Ambassador for Solar Oasis, your referral will earn you $1,000 once a system is installed on their roof.
You can track the entire process on our platform. Click below for more information:
As of Monday Sept. 11, 2023 12:56 PM PST
Each week we will update the current median price for the current month. 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. Median prices are calculated from 549 sold listings in from the MLS as of Sept. 11, 2023.
SEPTEMBER 2023 MEDIAN PRICES
Single Family
$441,900
-$5,850
Down from August of $447,750
Condo
$220,000
-$20,000
Down from August of $240,000
Townhomes
$329,500
-$10,118
Down from August of $339,618
As of September 11, 2023, there are currently active (W/w change):
4,142 Single Family Homes (+89) +2.19%
610 Condos (+7) +1.16%
451 Townhouses (+22) +5.13%
197 Manufactured Homes (-15) -7.07%
326 High Rise Units (+6) +1.87%
59 Multiple Dwellings (+4) +7.27%
2,535 Parcels of Land (+17) +0.73%
3,609 Rentals On Market (+103) +2.94%
Past Seven Days Market Watch (W/w change):
780 New Listings (+75) +10.64%
162 Back on Market (+1) +0.62%
85 Price Increases (-43) -33.59%
595 Price Decreases (+57) +10.59%
732 Accepted an Offer (+97) +15.27%
450 Sold (-220) -32.83%
71 Expired (-169)-70.42%
291 Taken Off Market (+49) +20.25%
This week, there are 13 more active residential resale properties on the market compared to last week on Sept. 4, 2023 for a total of 5,785 - an increase of 0.23%.
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
INFLATION, RETAIL SALES, CONSUMER SENTIMENT… The August Consumer Price Index (CPI) is forecast up slightly, same as the Producer Price Index (PPI) for wholesale prices. August Retail Sales should also be a up little from July, showing consumers remain in the game. But those consumers aren't so happy, especially about inflation, so Preliminary University of Michigan Consumer Sentiment for September is expected to stay near August's low-range number.
Last year, some housing experts projected a decline in home prices by the end of 2023. But that didn’t happen – inventory was just too low.
While it’s normal for experts to re-forecast throughout the year, the good news for 2023 is that prices are no longer projected to decrease.
Let’s connect so you know what’s happening with home values in our local area.
Forecasting Federal Reserve policy changes in coming months. For the moment, the futures market doesn’t expect a rate hike from the Fed through the end the year. Note: In the lower chart, a 7.0% probability of change is a 93.0% probability the rate will stay the same. Current rate is 5.25%-5.50%.
AFTER FOMC MEETING ON: CONSENSUS
Sep 20 5.25%-5.50%
Nov 1 5.25%-5.50%
Dec 13 5.25%-5.50%
Probability of change from current policy:
AFTER FOMC MEETING ON: CONSENSUS
Sep 20 7.0%
Nov 1 45.1%
Dec 13 45.1%