08/27/2024
🚨JULY MARKET REPORT🚨
Home prices continue to rise across much of the country, with Las Vegas seeing significant gains as inventory improves. Interest rates remain just below the year’s best levels, while the July Consumer Price Index (CPI) showed a year-over-year increase of 2.9%, the lowest since March 2021. The average rate for a top-tier, conventional 30-year fixed mortgage is still around 6.5%.
Interestingly, when rates decline, demand sometimes weakens—a paradox driven by buyers waiting for rates to drop even further before making a purchase. Despite this, overall mortgage activity was up 4.1% year-over-year at the end of July, with refinance activity during the last week of July rising by 4.9%. In Las Vegas, both demand and sales prices continue to climb, so don’t let hesitation hold you back.
Fun Fact: The Las Vegas luxury market closed over $370 million in residential real estate in July alone. This market is on track to surpass the highs of 2021!
Buying and selling should be driven by your needs. So, ask yourself: Are you ready to stop renting and buy a home? Or is it time to sell and cash in on your positive equity? I’m here to help you assess your true needs.
Call me today if you need assistance!
Stacia Walker
LIFE Realty-District
📲 702-600-9820
BS.0144433
#2024