“Some people are always grumbling because roses have thorns; I am thankful that thorns have roses." - Alphonse Karr
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TIP OF THE WEEK:
Why Homeowners Feel Thankful For Their Homes (Infographic)
BEST 4 WEEKS IN A YEAR... The three major stock indexes ended the holiday-shortened week posting gains, capping off the best four-week stretch in a year for the broad-based S&P 500, which is up 18.7% since January.
November's University of Michigan Consumer Sentiment declined for the fourth straight month, but minutes from the Fed's November 1 meet suggested they may be done raising rates, although they're in no hurry to cut them.
Investors reacted positively to most corporate earnings reports, while initial jobless claims fell by 24,000 to a surprisingly low 209,000, which should point to decent growth in November nonfarm payrolls.
The week ended with the Dow UP 1.3%, to 35,390; the S&P 500 UP 1.0%, to 4,559; and the Nasdaq UP 0.9%, to 14,251.
Bonds barely moved, down a tick overall, with the 30-Year UMBS 6.0% UP a scant .02, to $99.27. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate slid for the fourth straight week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
According to the National Association of Realtors (NAR), multiple offers “are still occurring, especially on starter and mid-priced homes.” Yet Existing Home Sales fell 4.1% in October due to “the persistent lack of housing inventory.”
Existing-home sales descended 4.1% in October to a seasonally adjusted annual rate of 3.79 million. Sales slumped 14.6% from one year ago.
The median existing-home sales price climbed 3.4% from one year ago to $391,800 – the fourth consecutive month of year-over-year price increases.
The inventory of unsold existing homes grew 1.8% from the previous month to 1.15 million at the end of October, or the equivalent of 3.6 months' supply at the current monthly sales pace.
But inventory is rising, and sales should too. An online real estate database reports active listings rose last month to more than 1.4 million, while signed contracts hit the highest level in a year, so sales should gain when those contracts close.
Meanwhile, sellers remain in a good position. The NAR notes, “homesellers have done well…. A typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”
DID YOU KNOW… The Mortgage Bankers Association reports purchase mortgage applications rose for the third week in a row, to their highest level in six weeks. Refinance applications were up as well.
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As of Monday Nov. 27, 2023 12:27 PM
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 1,594 sold November listings in from the MLS as of November 28, 2023. (All counties in the LVR MLS, not just Clark as referenced above.)
NOVEMBER 2023 CURRENT MEDIAN PRICES
Single Family
$449,000
-$950
Down from October of $449,950
Condo
$241,250
+$5,125
Up from October of $235,000
Townhomes
$341,000
-$990
Down from October of $341,990
As of November 27, 2023, there are currently active (W/w change):
4,650 Single Family Homes (+60) +1.30%
813 Condos (+29) +0.03%
523 Townhouses (+6) +1.16%
237 Manufactured Homes (+2) +0.85%
349 High Rise Units (+11) +3.25%
92 Multiple Dwellings (+8) +9.52%
2,370 Parcels of Land (+3) +0.12%
3,613 Rentals On Market (-39) -1.06%
Past Seven Days Market Watch (W/w change):
511 New Listings (-159) -23.73%
124 Back on Market (-38) -23.45%
48 Price Increases (-34) -41.46%
406 Price Decreases (-125) -22.54%
421 Accepted an Offer (-224) -34.72%
379 Sold (-150) -28.35% (M/m)
59 Expired (+3) +5.35% (M/m)
163 Taken Off Market (-99) -37.78%
This week, there are 116 more active residential resale properties on the market compared to last week's reading on Nov. 20, 2023 for a total of 6,664 - an increase of 1.77%.
1523 LUCKY ST.
BACK ON MARKET - BUYER DID NOT QUALIFY
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
78 RATTLESNAKE GRASS
PRICE IMPROVED TO $568,880
5291 HARRISON DR.
PRICE IMRPOVED TO $640,000
NEW AND PENDING HOME SALES, CONSTRUCTION SPENDING, INFLATION... For October, both New Home Sales and the NAR's Pending Home Sales index of signed contracts on existing homes are expected to slow. Construction Spendingis predicted to increase overall and we'll check on the residential part. PCE Prices,the Fed's favorite measure of inflation, should continue to moderate in October.
Here are three reasons why homeowners feel thankful for their homes. First, it’s a safe placethat can give you a greater sense of comfort, safety, and security.
Second, it gives you freedom of expression. From the color of the paint to the art on the walls, you can express your style and your personality.
Third, it provides a sense of community. Owning your home helps you build lasting friendships with neighbors and connects you to your community. If you're thinking of buying a home and want to hear more about the potential benefits, let's talk.
Forecasting Federal Reserve policy changes in coming months. Fed watchers expect no rate cuts through March, but the consensus now leans toward a rate cut in May. Note: In the lower chart, a 3.2% probability of change is a 96.8% probability the rate will stay the same. Current rate is 5.25%-5.50%.
AFTER FOMC MEETING ON: CONSENSUS
Dec 13 5.25%-5.50%
Jan 31 5.25%-5.50%
Mar 20 5.25%-5.50%
Probability of change from current policy:
AFTER FOMC MEETING ON: CONSENSUS
Dec 13 3.2%
Jan 31 10.9%
Mar 20 31.3%
Seamless Aesthetics
150 East Centennial Pkwy. Suite # 103 North Las Vegas, NV 89084
(702) 602-2534 | seamlessaesthetics@outlook.com
Stake Out Bar - Under New Ownership
4800 S. Maryland Pkwy Ste. A
Las Vegas, NV 89119
Across from UNLV
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