Dear Friends and Family,
In December 2023, sales slipped in Las Vegas, according to the National Association of Realtors. "The latest month's sales look to be the bottom before inevitably turning higher in the new year," said NAR Chief Economist Lawrence Yun. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."
Total housing inventory registered at the end of December was down 11.5% from November but up 4.2% from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales pace, down from 3.5 months in November but up from 2.9 months in December 2022.
"Despite sluggish home sales, homeowning households enjoyed further gains in housing wealth," Yun added. "Obviously, the recent, rapid three-year rise in home prices is unsustainable. If price increases continue at the current pace, the country could accelerate into haves and have-nots. Creating a path towards homeownership for today's renters is essential. It requires economic and income growth and, most importantly, a steady buildup of home construction."
According to Freddie Mac, the 30-year fixed mortgage rate averaged 6.60% as of January 18. That's down from 6.66% the prior week but up from 6.15% one year ago.
As always, we will continue to keep you up to date on the happenings of the market. Whether buying or selling, my intention is to provide market insights and market knowledge to both buyers and sellers, to make the best decisions for their Real Estate needs.
I am always here to assist and happy to answer any questions regarding our Real Estate Market.