Financial Markets- Bonds (Mortgage Rates)
The S&P 500 tacked on another 5% in gains for the month of May as stocks try to get back to their pre-China trade war highs. Most of the gains came over the weekend of Mother’s Day when an announcement by the Trump Administration indicated progress with China on the trade war and placed a temporary reduction by both sides on the tariff amounts.
Mortgage rates, and in particular bonds, did not respond positively to the tariff war temporary peace treaty news. You would think it would have because a reduction in tariffs would ease concerns about inflation but no such luck. May essentially sucked for US bonds and mortgage rates. The 10 year US Treasury which appeared to be on its way down to sub 4% steadily climbed to nearly 4.6%, and as this blog is written sits at 4.5%. With the generic add on of 2.5%, this puts a typical 30 year fixed rate mortgage at around 7%. Coincidentally this is about where rates were at the same time last year. Let's hope mortgage rates follow the trend of the summer of 2024 where we saw the 30 year fixed rate touch nearly 6% but this time it would be nice if rates stay at that level.
Southern Nevada Real Estate
With 4 months of real estate sales in the books, this book is looking a lot like the books of 2023 and 2024. Year to Date there are a total of 11,217 sales for the year. Slightly lower than the 11,319 sales in 2023 and the 11,328 sales for the same time periods.
April Sales:
- Total: 3,317
- Condos: 334
- Townhomes: 399
- Single Family Residences: 2,584
- Inventory 8,581…this represents a 3.2-month supply (inventory from a unit perspective is up 6%)
- Median-priced home $480,000 (up 3% from April 2024 but down 1% from March 2025)
- Average priced home $606,710
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