Program Update:
- Fannie Mae and Freddie Mac announced that its official loan amount for 2025 is $806,500.
- HUD announced FHA’s new loan limit for 2025 is $524,225. This could be slightly higher for Clark County NV.
Financial Markets- Bonds (Mortgage Rates)
Despite the Fed lowering the benchmark federal funds rate by .25%, mortgage rates proceeded to rise by about .25% over the proceeding 2 weeks. Below is a link to a video explaining why. The 10 year US Treasury went from around 4.4% to 4.6% after the Fed lowered the rate that controls lines of credit, credit cards, SBA loans and car loans.
Add 2.5% to the 10 year US Treasury of 4.6% and that is about where the average 30 year fixed rate mortgage is whereby the buyer agrees to pay 1 “point”. ( FHA and VA loans are typically about ½ percent lower).
Southern Nevada Real Estate
And dooooown the stretch they come! The race between 2023 total sales and 2024 total sales for Clark County looks as though it will be a photo finish. November 2024 had a total of 2,505 sales, bringing the total year to date to 32,662. The number of sales by the end of November 2023 was 32,592.
- 1,881 Single Family Residences
- 323 Townhomes
- 301 condos
- 29% were paid with cash
- Inventory for SFR dipped slightly to 7,767, calculating at just over 4 months’ supply of inventory.
- The Median priced home for November was $480,000
- The average priced home was $579,128- up nearly $24,000 for the same month last year (about 4%).
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List Reports brief description video:
https://listreports.wistia.com/medias/u3n951yoyu
Homebot brief description video:
Rate Plug brief description video: