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🕵🏼♀️ TIP OF THE WEEK:
VA Loans Help Heroes Achieve Homeownership (Infographic)
LET'S DO IT AGAIN... Following its best week of the year, the market put on a positive showing again, as technology stocks drove up the major indexes, the Nasdaq and S&P 500 posting their best finishes since September.
Fed Chair Jerome Powell did put a damper on the festivities, when he told an International Monetary Fund panel he was wary of "head fakes" from inflation, and "the 2% goal was not assured."
But the yield on 30-year Treasuries declined for the third straight week, a good sign for lower interest rates. And September import and export numbers showed strength in both our economy and the appeal of U.S. goods abroad.
The week ended with the Dow UP 0.7%, to 34,283; the S&P 500 UP 1.3%, to 4,415; and the Nasdaq UP 2.4%, to 13,798.
Bond prices dipped a tad overall, with the 30-Year UMBS 6.5% off just .01, to $100.10. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate fell for the second week in a row. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
Inventory growth in November is rare, but Altos Research reports 62,000 new listings last week, up 0.7% from the prior week, with 9,000 under contract. Although 39.2% of listings have had a price cut, prices are still above last year.
CoreLogic found single-family home prices rose in September for the third month in a row and are up 4.5% year-over-year, the largest annual gain since February. But they forecast yearly growth will slow to 2.6% by next September.
The Mortgage Bankers Association recorded purchase mortgage applications up 3% last week, reversing three weeks of declines. Even applications for refinances were up 2% from the week before.
DID YOU KNOW… Fannie Mae found only 29% of homeowners with a mortgage were staying in their homes longer than planned and only 21% of those said a low mortgage rate was the primary reason, so the lock-in effect is delaying a move for only 6% of all mortgage borrowers
FREE DUTCH BROS ON YOUR B-DAY! ☕️
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As of Monday Nov. 13, 2023 10:46 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 640 sold November listings in from the MLS as of November 13, 2023. (All counties in the LVR MLS, not just Clark as referenced above.)
NOVEMBER 2023 CURRENT MEDIAN PRICES
Single Family
$445,000
-$4,950
Down from October of $449,950
Condo
$245,000
+$10,000
Up from October of $235,000
Townhomes
$350,000
+$8,020
Up from October of $341,990
As of November 13, 2023, there are currently active (W/w change):
4,586 Single Family Homes (+69) +1.52%
762 Condos (+14) +1.87%
532 Townhouses (-6) -1.11%
234 Manufactured Homes (+4) +1.73%
341 High Rise Units (+1) +0.29%
87 Multiple Dwellings (+8) +10.12%
2,376 Parcels of Land (+14) +0.59%
3,673 Rentals On Market (-21) -0.56%
Past Seven Days Market Watch (W/w change):
685 New Listings (-55) -7.43%
142 Back on Market (-29) -16.95%
81 Price Increases (-149) -64.78%
612 Price Decreases (-47) -7.13%
617 Accepted an Offer (+2) +0.32%
395 Sold (-129) -24.61% (M/m)
54 Expired (-14) -20.58% (M/m)
212 Taken Off Market (-95) +30.94%
This week, there are 90 more active residential resale properties on the market compared to last week's reading on Nov. 6, 2023 for a total of 6,542 - an increase of 1.39%.
1523 LUCKY ST.
UNDER CONTRACT
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
HOME BUILDING, INFLATION, RETAIL SALES… Four heavy hitter economic reports this week, starting with October Housing Starts expected to continue increasing, though Building Permits should recede slightly. Economists forecast the October Consumer Price Index (CPI) will show inflation diminishing (yay!), but prices are still high enough to cause a predicted slowdown in Retail Sales.
VA home loans can help people who served our country become homeowners.
These loans can help qualified individuals purchase a VA-approved home or condo, build a new home, or enhance their current one.
Owning a home is the American Dream, and one way to show our appreciation to veterans is by providing them with important information about the advantages of VA home loans.
Forecasting Federal Reserve policy changes in coming months. The consensus in the futures market is that the Fed won't touch the rate clear through to the spring. Note: In the lower chart, a 14.0% probability of change is an 86.0% 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 14.0%
Jan 20 28.3%
Mar 20 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