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🕵🏼♀️ TIP OF THE WEEK:
2024 Housing Market Forecast (Infographic)
THREE IN A ROW... Traders put the October correction in the rearview mirror and logged a third winning week for stocks, anticipating a soft landing for the economy and the possibility of Fed rate cuts in the first half of 2024.
The soft landing scenario was supported as initial and continuing jobless claims gained, yet stayed at relatively low levels, while Retail Sales dipped slightly, indicating slowing consumer demand.
But a better-than-expected Consumer Price Index (CPI) showed inflation is moving in the right direction, making investors think the Fed wouldn't be moving rates any higher, and may start cutting them as early as May.
The week ended with the Dow UP 1.9%, to 34,947; the S&P 500 UP 2.2%, to 4,514; and the Nasdaq UP 2.4%, to 14,125.
The good CPI sent inflation-hating bonds solidly north, with the 30-Year UMBS 6.0% UP 1.04, to $99.25. The national average 30-year fixed mortgage rate dropped for the third straight week 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.
October saw Housing Starts increase 1.9% over September, as builders answer growing demand. Looking to the future, they also took out 1.1% more Building Permits than the month before.
Purchase mortgage applications rose for the second week in a row according to the Mortgage Bankers Association, which noted, “both purchase and refinance applications increased to the highest weekly pace in five weeks.”
Realtor.com reports that last week both new listings and active inventory were up from a year ago. Demand remains strong, as homes spent two fewer days on the market compared to last year.
DID YOU KNOW… The latest forecasts say home prices will finish this year up 2.8% overall, then go up another 1.5% by the end of 2024. Those forecasts, on average, put sales just under 5 million this year, rising to 5.2 million in 2024.
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As of Monday Nov. 20, 2023 11:05 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 20, 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
$240,000
+$5,000
Up from October of $235,000
Townhomes
$349,556
+$7,566
Up from October of $341,990
As of November 20, 2023, there are currently active (W/w change):
4,590 Single Family Homes (+4) +0.08%
784 Condos (+22) +2.88%
517 Townhouses (-15) -2.81%
235 Manufactured Homes (+1) +0.42%
338 High Rise Units (-3) -0.87%
84 Multiple Dwellings (-3) -3.44%
2,367 Parcels of Land (-9) -0.37%
3,652 Rentals On Market (-21) -0.57%
Past Seven Days Market Watch (W/w change):
670 New Listings (-15) -2.18%
162 Back on Market (+20) +14.08%
82 Price Increases (+1) +1.23%
531 Price Decreases (-81) -13.23%
645 Accepted an Offer (+28) +4.53%
529 Sold (-4) -0.75% (M/m)
56 Expired (-29) -34.11% (M/m)
262 Taken Off Market (+50) +23.58%
This week, there are 6 more active residential resale properties on the market compared to last week's reading on Nov. 13, 2023 for a total of 6,548 - an increase of 0.09%.
1523 LUCKY ST.
BACK ON MARKET - BUYER DID NOT QUALIFY
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.
PRICE IMRPOVED TO $640,000
EXISTING HOME SALES, CONSUMER SENTIMENT, FED MINUTES… Three days until Thanksgiving, and three key reports. Economists expect October Existing Home Sales to slip a tad from September and the final University of Michigan Consumer Sentiment read for November to remain historically low. We'll examine FOMC Minutes from the Fed's last meet for signs of when rate cuts may start.
U.S. financial markets are closed Thursday, November 23, for Thanksgiving. Friday, stock markets will close early at 1 p.m. and bond markets at 2 p.m.
Thinking of buying or selling a house and wondering what the new year holds for the housing market? Experts forecast home prices to end this year up 2.8% and to rise another 1.5% in 2024. And climbing prices help make homeownership a good investment.
Plus, home sales are projected to increase in 2024. That’s good news because it means experts are forecasting more activity as people continue to move.
If you're planning to buy or sell, it’s helpful to know what experts project for the housing market. Let’s connect to talk about the latest forecasts and craft a plan together.
Forecasting Federal Reserve policy changes in coming months. Wall Street sees no rate changes through March, though many observers now see a May rate cut on the horizon. Note: In the lower chart, a 0.0% probability of change is a 100.0% 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 0.0%
Jan 31 0.0%
Mar 20 30.0%
Seamless Aesthetics
150 East Centennial Pkwy. Suite # 103 North Las Vegas, NV 89084
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Stake Out Bar - Under New Ownership
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