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🕵🏼♀️ TIP OF THE WEEK:
The Difference Between Renting and Buying a Home (Infographic)
UNCERTAIN... The Israel-Hamas war added to Wall Street’s uncertainties, yet the Dow broke a three-week losing streak, the S&P 500 scored back-to-back weekly gains, and the Nasdaq barely dipped. Make it make sense!
Money flowed to the safe haven of bonds, lowering Treasury yields (and rates), which helped stocks. But University of Michigan Consumer Sentiment sank, due to high food and energy prices and inflation expectations.
Wholesale price inflation rose by the PPI, and CPI consumer price inflation was unchanged. On the plus side, earnings season kicked off with good results, and the Philadelphia Fed President said the FOMC is likely done raising rates.
The week ended with the Dow UP 0.8%, to 33,670; the S&P 500 UP 0.4%, to 4,328; and the Nasdaq down 0.2%, to 13,407.
Bonds closed out the week up overall, though the 30-Year UMBS 6.0% finished unchanged, at $97.31. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate edged up a tad. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
Moody’s Investors Service reveals new home sales made up 14% to 15% of total transactions over the last three quarters, up from 10% in pre-pandemic years. They project new home prices will dip 10% this year and 4% more in 2024.
Analysts at nSkope report: “Real estate has returned to a lifestyle-driven market. Those who seemingly want more (or less) space, and access to better schools along with job or relationship-driven moves are driving listing inventory.”
Data firm Black Knight: “August marked the second consecutive month in which annual home price appreciation trended higher in every one of the 50 largest U.S. markets, mirroring the sharp reacceleration we’re seeing at the national level.”
DID YOU KNOW… The Mortgage Bankers Association reported that purchase mortgage applications were up last week, as adjustable-rate mortgage demand hit 9.2% of all applications, the biggest share since November 2022.
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As of Monday Oct. 16, 2023 9:36 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 451 sold September listings in from the MLS as of October 9, 2023. (All counties in the LVR MLS, not just Clark as referenced above.)
CURRENT: OCTOBER 2023 MEDIAN PRICES
Single Family
$444,000
-$1,000
Down from September of $445,000
Condo
$240,000
+$10,000
Up from September of $230,000
Townhomes
$340,990
+$990
Up from September of $340,000
As of October 16, 2023, there are currently active (W/w change):
4,377 Single Family Homes (-11) -0.50%
692 Condos (+11) +1.61%
499 Townhouses (+9) +1.83%
226 Manufactured Homes (+2) +0.89%
329 High Rise Units (+1) +0.30%
67 Multiple Dwellings (+1) +1.51%
2,380 Parcels of Land (+25) +1.06%
3,690 Rentals On Market (-24) -0.64%
Past Seven Days Market Watch (W/w change):
690 New Listings (-59) -7.87%
133 Back on Market (-48) -26.52%
72 Price Increases (-45) -38.46%
608 Price Decreases (+16) +2.70%
686 Accepted an Offer (+44) +6.86%
466 Sold (-121) -20.61% (M/m)
88 Expired (+21) +31.34% (M/m)
213 Taken Off Market (+1) +0.47%
This month, there are 2 more active residential resale properties on the market compared to last week's reading on Oct. 9, 2023 for a total of 6,190 - an increase of 0.03%.
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
6774 FIREWOOD UNDER CONTRACT (6 DAYS ON MARKET)
HOME BUILDING, EXISTING HOME SALES, RETAIL SALES… Analysts are predicting an uptick in home builder activity with September's Housing Starts report, although Building Permits may be down a little from August. September Retail Sales should continue to grow, showing consumers are still doing their bit to boost the economy.
When deciding between buying a home or renting, think about these three important factors.
Buying a home means avoiding rising rents, owning a tangible and valuable asset, and growing your wealth over time.
If you’re ready to enjoy the advantages of owning a home, let’s connect to discuss your options.
Forecasting Federal Reserve policy changes in coming months. Analysts appear to be even more convinced that the Fed Funds rate will stay where it is, clear through the first FOMC meeting next year. Note: In the lower chart, a 7.2% probability of change is a 92.8% 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 7.2%
Dec 13 33.4%
Jan 31 34.7%
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