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🕵🏼♀️ TIP OF THE WEEK:
The Benefits Of Buying a Mutli-Generational Home (Infographic)
RALLY CAPS ON!... With falling interest rates on Treasuries, less hawkish Fed comments, and data showing a slowing economy but no recession, traders put their baseball caps on inside-out and backwards and shot stocks up sharply.
Wednesday, the Fed voted unanimously to pause rate hikes. After the meeting, Fed Chair Powell's press conference comments were seen as less hawkish than feared, indicating more hikes might never happen.
Friday's October jobs report showed slower payroll and wage growth and a higher unemployment rate, which is what the Fed wants to see, and pointed to a recession-free, "soft landing" for the economy.
The week ended with the Dow UP 5.1%, to 34,061; the S&P 500 UP 5.9%, to 4,358; and the Nasdaq UP 6.6%, to 13,478.
Bond prices rose nicely too, with the 30-Year UMBS 6.5% UP 1.03, to $100.11. The national average 30-year fixed mortgage rate reversed course and dropped 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.
Home building activity keeps…well, building. In September, residential builders spent at a seasonally adjusted annual rate of $872.0 billion, which was 0.6% ahead of August’s annual rate of $866.6 billion.
Home prices rose again in August, according to both the Case-Shiller index and the FHFA index of homes financed with conforming mortgages. The Case-Shiller National Composite stands at an all-time high.
Demand for new homes continues. A national online real estate database reports more than 30% of the homes for sale in the third quarter were new builds—the highest share for any third quarter on record.
DID YOU KNOW… Realtor.com reports that new listings in the past week abruptly reversed course and came in 5.6% ahead of the same week a year ago. Plus, homes were on the market one day less compared to last year.
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As of Monday Nov. 6, 2023 10:52 AM 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 2,278 sold October listings in from the MLS as of November 6, 2023. (All counties in the LVR MLS, not just Clark as referenced above.)
OCTOBER 2023 FINAL MEDIAN PRICES
Single Family
$449,950
+$4,950
Up 1.11% from September of $445,000
Condo
$235,000
+$5,000
Up 2.17% from September of $230,000
Townhomes
$341,990
+$1,990
Up 0.58% from September of $340,000
As of November 6, 2023, there are currently active (M/m change):
4,517 Single Family Homes (+199) +2.43%
748 Condos (+105) +4.70%
538 Townhouses (+83) +2.53%
230 Manufactured Homes (+16) +0.76%
340 High Rise Units (+20) +0.76%
79 Multiple Dwellings (+14) +0.76%
2,362 Parcels of Land (-1) -1.40%
3,694 Rentals On Market (+87) +0.76%
Past Seven Days Market Watch (W/w change):
740 New Listings (+5) +0.68%
171 Back on Market (-15) -8.06%
230 Price Increases (+122) +296.55%
659 Price Decreases (+74) +12.65%
615 Accepted an Offer (+9) +1.48%
620 Sold (-118) -15.99% (M/m)
229 Expired (+36) +18.65% (M/m)
307 Taken Off Market (+31) +11.23% (M/m)
This week, there are 437 more active residential resale properties on the market compared to last month's reading on Oct. 2, 2023 for a total of 6,452 - an increase of 7.26%.
1523 LUCKY ST.
UNDER CONTRACT
120 SEDRAN PL.
UNDER CONTRACT - 11 OFFERS
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.
UNDER CONTRACT
MORTGAGE APPLICATIONS, JOBLESS CLAIMS, CONSUMER SENTIMENT… We'll keep an eye on the weekly MBA Mortgage Applications Index to see if the gains continue in new home purchases and adjustable-rate loans. Forecasts call for Initial Unemployment Claims to stay super low, as the labor market remains strong. The preliminary November read on University of Michigan Consumer Sentiment should reveal consumers still worry a lot about inflation.
If you’re ready to buy a home but are having a hard time affording it on your own, or, if you have aging loved ones you need to care for, you might want to consider a multi-generational home.
Living with siblings, parents, and even grandparents can help you save money, give or receive childcare, and spend quality time together.
Let’s connect to find a home in our area that’s perfect for you and your loved one’s needs.
Forecasting Federal Reserve policy changes in coming months. Wall Street still expects the Fed to keep the rate where it is for quite a while. Note: In the lower chart, a 9.8% probability of change is a 90.2% 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 9.8%
Jan 20 15.4%
Mar 20 34.2%
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