Financial Markets- Bonds (Mortgage Rates)
After plummeting nearly 20%, the S and P 500 has regained some of its losses and is now down a little less than 7% off its peak, and nearly back to where it was at the start of 2025.
Mortgage rates gave a glimmer of hope before bouncing right back up to the levels we have been accustomed to the past 3 years. The average 30 year fixed rate mortgage is back up to nearly 7% as of Friday May 2. The stronger than expected jobs report for April fueled a stock market rally and bond market sell off. The 10 year US Treasury is sitting at 4.3%... You can see by the two graphs (12 month look at the average 30 year fixed and 12 month look at the 10 year US Treasury) that they are tethered, and if you add roughly 2.5% to the 10 year US Treasury you will find the average 30 year fixed rate mortgage.
https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed
Southern Nevada Real Estate
The first 2 months of 2025 had combined for more sales than both 2023 and 2024, and provided hopes that the housing market could be awakening from its 2 year slumber. However, March sales were anemic with a total of 3,052 transactions. While this is up from February of 2025, it was less than both 2024 and 2023. This brings the total number of sales for Q1 2025 to 7,954, slightly more than Q1 of 2024 but slightly less than Q1 2023.
March Sales:
- Total: 3,052
- Condos: 350
- Townhomes: 377
- Single Family Residences: 2,325
- Inventory 7,979…this represents a 3.5-month supply
- Median-priced home $485,000
- Average priced home $630,007
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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