HAPPY LABOR DAY! May your dogs be hot and your beer cold!

Financial Markets- Bonds (Mortgage Rates)

The S&P 500 gained another 100 bps from last month, and is sticking close to the all time high of just over 6,500. The index is up 15% over the last 12 months. Key market news was Fed Chair Powell speaking in Jackson Hole and all but confirming he will recommend a 25 basis point cut to the fed rate, acknowledging that the job market is not as strong as once thought. The July Inflation report came in at expectation, hovering just below 3%.

In the bond market, we keep a close eye on the 10 year US Treasury, and it's nice to see that we are close to seeing it reach the lowest level since mid April, where it currently sits at 4.22%. Adding 2.5% to that gives you an idea on where the average 30 year fixed rate is, but we hope sometime soon that gap will close to around 2%. At the moment that formula holds true, with the average 30 year fixed rate mortgage hovering around 6.6% according to https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed

All eyes will be on the jobs report for August that comes out on the first of the month, specifically the revisions of prior months, as by now, no one should be taking the estimates for the month prior seriously.

Southern Nevada Real Estate

The 2025 racehorse is falling behind the pace of the 2024 and 2023 horses, as it relates to number of home sales for Southern Nevada BUUUT the median priced home is still holding firm at $485,000, however the Averaged Priced home fell nearly $30,000, or 5%. Year to date, the number of home sales for 2025 are at 20,247. 1,000 less than the same month last year and nearly 2,000 less than in 2023 which ended up being the slowest year since 2009. It seems like the only hope for more activity is lower mortgage rates.

July Sales: