Financial Markets- Bonds (Mortgage Rates)
The S&P and stocks in general were hit hard this month which can mostly be attributed to the Iran conflict, bombing, war, what ever description you prefer. The S&P 500 currently sits at 6343, down nearly 500 pts, or 8% for the month but still up 9% for the past 12 months.
The 10-Year US Treasury also took a hit, due to skirmish in Iran (another adjective you can use). Bonds in general are very sensitive to the price of oil. If the price of oil rises, the cost of goods rises, which is inflationary, and this is why mortgage rates rise along with it. The price of a barrel of oil went from $62 to currently $105. OUCH! As a result the average 30-year fixed rate mortgage went from just below 6% to now over 6.5% in the past month.
Southern Nevada Real Estate
February sales for Clark County NV saw another lackluster number making the first 2 months of 2026 the least number of transactions for the first 2 months of the year since 2007. On the bright side February was better than January 2026.
February Home Sales
- Total: 2,355
- Condos: 285
- Townhomes: 316
- Single Family Residences: 1,754
- Inventory = 8,907…when divided by resale SFR sales we come up with 5 months supply of homes)
- Median Priced Home $482,000
Somehow, home prices have continued to remain stable despite the historically low number of sales over the past 3 years. This has allowed wages to catch up to the home appreciation rates experienced during the COVID years. Prior to COVID (December 2019), the median-priced home was $315,000. Currently, the $480,000 median sales price represents a 50% increase in value over 6.5 years. This translates into a roughly 7% increase per year in home prices. It would take another 2 years of flat appreication rates for the COVID bump to bring the annual rate back down to within historicaly norms of 5%.
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