“Do not pray for easy lives. Pray to be stronger men.” - John F. Kennedy
🕵🏼♀️ TIP OF THE WEEK: Plenty of Buyers Are Still Active Today (Infographic)
SIDEWAYS... For the week, stocks essentially went nowhere, the Dow up a tick, the S&P 500 and Nasdaq off a bit, as traders reacted to an economic situation that's not terribly positive, nor horribly negative.
Take August CPI inflation. The headline 3.7% annual rate was up from 3.2% in July, but core inflation, excluding food and energy prices, headed down from 4.7% to 4.3%. Of course, these are both well above the Fed's 2% target.
August Retail Sales were up 0.6%, though that was fueled by a 10.6% spike in gas prices. Similarly, Industrial Production was up in August, but Friday the future was clouded by the UAW strike at the three major automakers.
The week ended with the Dow UP 0.1%, to 34,619; the S&P 500 down 0.2%, to 4,450; and the Nasdaq down 0.4%, to 13,708.
Bonds didn't move much either, off a smidge overall, with the 30-Year UMBS 6.0% ending unchanged, at $99.29. The national average 30-year fixed mortgage rate inched up by a miniscule amount 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.
CoreLogic Home Price Insights showed home prices accelerated in July, up 2.5% annually, after 1.6% yearly growth the prior two months. Prices have now risen annually six straight months, and are 5% above their February low.
According to the National Association of Home Builders, nearly a third of all listings in July were new construction. Historically, new homes have accounted for only about 10% to 15% of the market.
A national real estate investment company’s data revealed many flippers are snatching up vacant, dilapidated homes and renovating them, adding turnkey inventory that is 30% to 40% less expensive than new construction.
DID YOU KNOW… A new survey from an online real estate database found that one in ten of today’s home sellers were motivated to move because their employers instituted new onsite work requirements.
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As of Monday Sept. 18, 2023 12:03 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 1,125 sold listings in from the MLS as of Sept. 18, 2023.
SEPTEMBER 2023 MEDIAN PRICES
Single Family
$444,400
-$3,350
Down from August of $447,750
Condo
$225,000
-$15,000
Down from August of $240,000
Townhomes
$330,000
-$9,618
Down from August of $339,618
As of September 18, 2023, there are currently active (W/w change):
4,178 Single Family Homes (+36) +0.87%
631 Condos (+21) +3.44%
437 Townhouses (-14) -3.10%
203 Manufactured Homes (+6) +3.04%
331 High Rise Units (+5) +1.53%
69 Multiple Dwellings (+10) +16.95%
2,368 Parcels of Land (-167) -6.59%
3,631 Rentals On Market (+21) +0.58%
Past Seven Days Market Watch (W/w change):
763 New Listings (-17) -2.18%
158 Back on Market (-4) -2.47%
49 Price Increases (-36) -42.35%
531 Price Decreases (-64) -10.75%
755 Accepted an Offer (+23) +3.14%
587 Sold (+137) +30.44%
67 Expired (-4) -5.63%
255 Taken Off Market (-36) -12.37%
This week, there are 64 more active residential resale properties on the market compared to last week on Sept. 11, 2023 for a total of 5,849 - an increase of 1.10%.
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, EXISTING HOME SALES, THE FED… August Housing Startsare expected to come in a little lower than July's number, as builders have plenty of work already on their plates. But they're not slacking off for the future, as August Building Permits are forecast to hit the same pace as July. Wednesday, the Fed will reveal its FOMC Rate Decision, and the prediction is no hike for now.
Holding off on selling your house because you believe there aren’t any buyers out there?
Data shows buyers are still active, even with higher mortgage rates. This goes to show, people still want to buy homes, and those who can are moving now.
Don’t delay your plan to sell for fear no one is buying. The opposite is true and buyer traffic is still strong today. Let’s connect to get your house in front of these buyers.
Forecasting Federal Reserve policy changes in coming months. Despite last week’s still elevated inflation numbers, Wall Street does not expect another rate hike from the Fed this year. Note: In the lower chart, a 1.0% probability of change is a 99.0% 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 1.0%
Nov 1 30.2%
Dec 13 37.6%