Happy Thanksgiving to you all and I hope you get to enjoy some time off with your loved ones!
Program Update:
- Fannie Mae and Freddie Mac announced its official loan amount for the year of 2025 which will be $806,500.
- HUD announced FHA’s new loan limit for 2025 and will be $524,225. This could be slightly higher for Clark County NV.
Financial Markets- Bonds (Mortgage Rates)
The Dow Jones is up about 6% since the election, and the S&P 500 up about 4%, but interest rates for the most part are unchanged, with the 10 Year US Treasury currently sitting at 4.26%.
The average 30 year fixed mortgage now sits back near 7%, making the spread between the 10 Year US Treasury and the average 30 year fixed to be about 2.75%. The average gap between the 10 Year US Treasury and the average 30 year fixed is usually around 2%....so we are still waiting for that gap to get back to historical norms and that in itself would place mortgage rates in the low 6’s. In the meantime, its business as usual, now coming up on over 2 years when mortgage rates have hovered around 7%.
https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed
Southern Nevada Real Estate
October home sales outpaced October of 2023, making it the 2nd month in a row where more sales took place in 2024 vs 2023. 2,993 total sales took place for the month, bringing the total for the year to 30,157 with 2 months to go. In 2022 there were 4,553 sales, so sales are off by 50% from 2 years ago but up 10% from last year for the month. YTD sales are slightly lower than 2023, which I didn’t think was possible.
- 2,173 Single Family Residences
- 408 Townhomes
- 352 condos
- 29% were paid with cash
- Inventory for SFR now is over 8,000. With a sales pace of 2,000 per month which marks 4 months of supply
- Median priced home was $475,531
- Average priced home was $585,432
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List Reports brief description video:
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Homebot brief description video:
Rate Plug brief description video:
https://www.rateplug.com/Agents.asp?UName=LVR