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🕵🏼♀️ TIP OF THE WEEK:
How Remote Work Helps with your House Hunt (Infographic)
POWELL DISAPPOINTS... The Fed paused its rate hikes last week, but Chair Powell made it clear rate cuts were not coming any time soon. This pushed bond yields up, which sent stocks down for another week.
Wall Street thought the Fed would start cutting rates soon, but Powell nixed that, saying there could be another hike this year, rates may stay higher for longer, and there could be smaller cuts than expected in 2024.
Initial and continuing jobless claims were the lowest since January, and the huge services sector remains in expansion mode. Problem is, the strong labor market and economy are helping keep inflation well above the Fed’s 2% target.
The week ended with the Dow down 1.9%, to 33,964; the S&P 500 down 2.9%, to 4,320; and the Nasdaq down 3.6%, to 13,212.
Bond prices also dropped, pushing yields up. The 30-Year UMBS 6.0% fell 0.27, to $99.02. 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.
Sales of existing homes dipped a tiny 0.7% in August, the third straight month of declines. Tight inventory is the culprit, both hurting sales and nudging the median price up modestly, now 3.9% ahead of a year ago.
Housing starts sank 11.3% in August, mostly due to a 26.3% drop in multi-units. Single-family starts are actually up 2.4% the past year, as more buyers turn to new builds. And permits posted a gain, so the future looks good.
Buyer demand continues. The Mortgage Bankers Association reports purchase loan applications rose last week a seasonally adjusted 2.0% versus the week before, the second week in a row of increased mortgage applications.
DID YOU KNOW… Realtor.com says the first week in October will likely be the best week for homebuyers this year. They can typically expect lower than peak level prices, less competition, and more inventory than in the summer months
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As of Monday Sept. 25, 2023 10:48 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 1,695 sold listings in from the MLS as of Sept. 25, 2023.
SEPTEMBER 2023 MEDIAN PRICES
Single Family
$445,000
-$2,250
Down from August of $447,750
Condo
$230,000
-$10,000
Down from August of $240,000
Townhomes
$339,990
+$372
Up from August of $339,618
As of September 25, 2023, there are currently active (W/w change):
4,311 Single Family Homes (+133) +3.18%
641 Condos (+10) +1.58%
468 Townhouses (+31) +7.09%
209 Manufactured Homes (+6) +2.95%
324 High Rise Units (-7) -2.11%
65 Multiple Dwellings (-4) -5.79%
2,378 Parcels of Land (+10) +0.42%
3,661 Rentals On Market (+30) +0.82%
Past Seven Days Market Watch (W/w change):
798 New Listings (-+35) +4.41%
170 Back on Market (+12) +7.59%
141 Price Increases (+92) +187.75%
595 Price Decreases (+64) +12.05%
707 Accepted an Offer (-48) -6.35%
589 Sold (+2) +0.34%
55 Expired (-12) -17.91%
247 Taken Off Market (-8) -3.13%
This week, there are 169 more active residential resale properties on the market compared to last week ending Sept. 18, 2023 for a total of 6,018 - an increase of 2.89%.
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
NEW AND PENDING HOME SALES, HOME PRICES, INFLATION… Three major housing reports should show an August dip in both New Home Sales and the Pending Home Sales index of signed contracts on existing homes, but a small rise in the July S&P Case-Shiller Home Price Index. Analysts expect a slight monthly gain in August PCE Prices, the Fed's favorite inflation gauge.
While remote work peaked during the pandemic, many people still work from home today.
If you’re one of them, it could have an unexpected benefit when you’re looking to buy a home.
If you can work from home, you might have more choices for where to live. Let’s connect to talk about your options and what's most important to you
Forecasting Federal Reserve policy changes in coming months. Even though Chair Powell posited the possibility of another hike this year, the futures market is still betting on no change through to the January confab. Note: In the lower chart, a 25.4% probability of change is a 74.6% probability the rate will stay the same. Current rate is 5.25%-5.50%.
AFTER FOMC MEETING ON: CONSENSUS
Nov 1 5.25%-5.50%
Dec 13 5.25%-5.50%
Jan 31 5.25%-5.50%
Probability of change from current policy:
AFTER FOMC MEETING ON: CONSENSUS
Nov 1 25.4%
Dec 13 40.7%
Jan 31 41.9%
Seamless Aesthetics
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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