Program Update:
Keep an eye out for No Tax on Tips! This will be a game changer for Las Vegas, as roughly 15% of our work-force is paid tips. Getting to declare all tips will allow tip workers to qualify for much more home.
https://www.usatoday.com/story/money/2025/02/26/no-tax-on-tips-bill-gop-house/80481795007/
Financial Markets- Bonds (Mortgage Rates)
The bond markets, and in particular, mortgage backed securities, are shaking off tariff fears and have enjoyed a slow and steady rally over the past 2 weeks. The 10 year US Treasury has dropped from just over 4.6% to now just below 4.3%, translating into a nearly ½% drop in mortgage rates! While the 10 year US Treasury is the most accessible and easiest instrument for the public to keep an eye on, remember that it doesn’t precisely translate into the same drop in mortgage rates. The spread between the 10 year US Treasury and the average 30 year fixed historically hovers between 1.5 and 2%, but for quite some time now the spread has been over 2.5% difference between the two. That spread appears to be narrowing, as the average 30 year fixed dropped by about .5% while the 10 year US Treasury only dropped by around .3%.
https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed
Southern Nevada Real Estate
January home sales for Southern Nevada are giving off 2023 and 2024 vibes, starting off the year with a similar sales pace as the past 2 years. Inventory appears to be on the rise as well but that is typical for this time of year, with just over 7,500 homes on the market. However, this marks the highest amount of inventory, in terms of months supply, in years. Also interesting, while the median priced home has been increasing, the average priced home has been decreasing, offering possible signs that the luxury home market is weakening while the first time home buyer market is strengthening.
January 2025 Sales:
- Total: 2,343
- Condos: 290
- Townhomes: 289
- Single Family Residences: 1,764
- Inventory: 7,539…divided by the 1,764 sales = 4.2-month supply
- Median-priced home $485,000
- The average-priced $570,147. Down from the peak of July 2024 of over $600,000.
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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