Want a deeper look at the federal funds rate and its relationship to inflation, employment, and credit? Check out this overview.
What does this mean for home owners and home buyers? It could be a great time to leverage low rates by:
- Buying a new home
- Refinancing to get a lower rate or eliminate mortgage insurance
- Financing home renovations
- Funding major expenses (like college tuition)
- Consolidating debt*
I'm always available for a conversation about home financing - reach out to me today!
The median sale price of a single-family home sold in Southern Nevada in January matched an all-time high at $345,000, according to a report today from Las Vegas Realtors. The mark is a 13.1% increase from January 2020. More important, it equals the record-setting median price of the past two months. “The local housing market continues to perform better during this pandemic than most of us expected". There are 2,315 single-family homes listed for sale without any sort of offer, which is down 52.8% from one year ago. There are 847 condos and townhomes listed without offers, a 40.3% drop from one year ago. A total of 3,262 properties were sold in January. “This presents a great opportunity for sellers, who’ve never seen a better time to sell their home for top dollar,” The above statistics are from teh Las Vegas Valley and they mimic Mesquite quite well. Call me for a market anaylsis of what your home will sell for!!
NATIONAL MARKET UPDATE
New Home Sales were up 1.6% in December, ending the year up 15.2% from a year ago. Sales in 2020 of new single-family homes were the best in 14 years. The average price is up, but low mortgage rates keep properties attractive.
Inventories were up by 12,000 units, yet sales have slowed since summer because there still aren't enough finished new homes. Fortunately, the number of new single-family homes started is up 27.8% from a year ago.
Lack of inventory is also slowing existing home deals. The Pending Home Sales index of contracts signed on those homes dipped a smidge in December, but is up 21.4% year-over-year!
The Fed's interest rate decision doesn't directly affect mortgage rates, but today's rates remain historically low.
Click here for the Zillow Year over Year November numbers for Mesquite
Click for the October Mesquite Nevada Market Report
Click for the September Market Report