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🕵🏼♀️ TIP OF THE WEEK:
Explaining Today’s Low Housing Supply (Infographic)
SEPTEMBER SWOON... September upheld its reputation as the worst month of the year for the S&P 500, which ended down for the week along with the Dow, while the tech-y Nasdaq barely managed a gain.
Economic signals were mixed. Consumer Confidence hit a four-month low in September, and crude oil futures rose to more than $90 a barrel, sparking concerns over inflation, gas prices, and a slowdown in consumer spending.
Yet consumer income and spending rose in August, while Core PCE Prices posted a cooler than expected inflation read, though at 3.9%, it still wasn’t weak enough for the Fed to cut rates any time soon.
The week ended with the Dow down 1.3%, to 33,508; the S&P 500 down 0.7%, to 4,288; and the Nasdaq UP 0.1%, to 13,219.
The bond market also headed south, the 30-Year UMBS 6.0% dropping 0.78, to $98.24. Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate rose by a few basis points. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
Sales of new single-family homes dipped 8.7% in August, yet they’re still 5.8% ahead of where they were a year ago. Good news for buyers, the median sales price of new homes is down 13.4% from its peak late last year.
The August Pending Home Sales index of signed contracts on existing homes slipped 7.1% from July. The National Association of Realtors noted, “Some would-be home buyers are taking a pause and readjusting their expectations.”
High interest rates have pushed mortgage rates above 7%, which has impacted home buying.
Pending home sales dropped in all four U.S. regions month-over-month and compared to one year ago.
The national Case-Shiller Home Price Index accelerated in July after stagnating in June, and has now reached a new all-time high. The lack of supply amidst stable demand has continued to put upward pressure on prices.
DID YOU KNOW… Mortgage applications for new homes rose 3.7% in August, so new home sales should rebound in September. These applications were 20.6% higher than a year ago, as demand for new homes picks up.
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As of Monday Oct. 2, 2023 11:43 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 2,418 sold September listings in from the MLS as of October 2, 2023. (All counties in the LVR MLS, not just Clark as referenced above.)
SEPTEMBER 2023 FINAL 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
$340,000
+$382
Up from August of $339,618
As of October 2, 2023, there are currently active (M/m change):
4,318 Single Family Homes (+265) +6.54%
643 Condos (+40) +6.63%
455 Townhouses (+26) +6.06%
214 Manufactured Homes (+2) +0.95%
320 High Rise Units (unch) +/- 0.00%
65 Multiple Dwellings (+10) +18.18%
2,363 Parcels of Land (+17) +0.72%
3,607 Rentals On Market (+101) +2.88%
Past Seven Days Market Watch (M/m change):
735 New Listings (+30) +4.25%
184 Back on Market (+23) +14.28%
125 Price Increases (-3) -2.34%
626 Price Decreases (+87) +16.17%
711 Accepted an Offer (+76)+11.97%
738 Sold (+68) +10.15%
193 Expired (-47) -19.58%
276 Taken Off Market (+34) +14.05%
This month, there are 243 more active residential resale properties on the market compared to last month’s reading ending Sept. 4, 2023 for a total of 6,015 - an increase of 4.21%.
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
CONSTRUCTION SPENDING, MANUFACTURING, SERVICES, JOBS… August Construction Spending should continue to head up overall, but we'll monitor the residential part. The ISM Manufacturing Index is forecast to still have that sector of the economy contracting, but ISM Non-Manufacturing is expected to show the far larger services sector in expansion territory. Analysts predict fewer Nonfarm Payrolls added in September, with the Unemployment Rate a low 3.7%
Wondering why the supply of homes for sale is limited today? There are a few factors at play.
Lack of building over time, the mortgage rate lock-in effect, and people staying in their houses longer are three of the main reasons why supply is low.
But real estate agents know exactly where to look and what to do to make your dream a reality. Let’s connect so you have an expert on your side to help you successfully navigate the market and find your next home.
Forecasting Federal Reserve policy changes in coming months. Wall Street consensus still says the Fed will leave the rate where it is, clear through their first meeting next year, though sentiment is growing for another hike before then. Note: In the lower chart, a 30.8% probability of change is a 69.2% 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 30.8%
Dec 13 45.2%
Jan 31 45.2%
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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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Las Vegas, NV 89120
NV Lic. # S.0180594
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Las Vegas, NV 89120
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