Las Vegas Monthly Average Sales Price SFR

Monthly Comparison Average SFR Sales Price - 2007 - 2013
Source: GLVAR
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007 $372,046 $381,676 $376,846 $389,626 $398,258 $428,817 $377,861 $382,671 $352,137 $374,625 $353,413 $319,055
2008 $307,739 $297,597 $305,155 $284,299 $284,744 $268,626 $254,521 $249,828 $230,685 $225,505 $232,267 $204,312
2009 $186,573 $184,193 $173,029 $166,196 $172,588 $167,425 $163,494 $164,693 $167,911 $164,778 $167,178 $163,384
2010 $164,687 $168,361 $167,978 $173,170 $170,488 $167,888 $165,332 $168,955 $169,825 $159,922 $162,660 $163,736
2011 $157,081 $156,337 $156,860 $158,793 $157,964 $148,182 $151,077 $147,398 $152,575 $150,034 $151,343 $147,445
2012 $143,210 $148,699 $152,004 $159,466 $159,927 $165,948 $171,335 $177,959 $173,529 $174,906 $182,419 $182,768
2013 $189,107 $189,180 $198,353 $209,216 $212,075 $220,497 $220,561 $220,601 $223,649 $231,872    
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Monthly Las Vegas Sales Volume

Monthly Comparison of SFR Sales Volumes for 2007 - 2013
Source: GLVAR
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Totals
2007 1,397 1,407 1,605 1,381 1,568 1,476 1,318 1,316 990 974 968 879 15,279
2008 983 1,098 1,478 1,794 2,026 2,226 2,592 2,545 2,783 2,718 2,183 2,498 24,924
2009 2,224 2,288 2,980 3,198 3,255 3,785 3,738  3,229  3,358  3,535  3,117  3,420 38,127
2010 2,608  2,390  3,175  2,951 2,884 3,360  2,948  2,819  2,806  2,599  2,777 3,117 34,434
2011 2,509  2,591  3,384  3,084 3,111 3,629  3,164  3,706  3,242  3,118  3,159 3,456 38,153
2012 2,931  3,053  3,534  3,185 3,413 3,214  2,890  3,076  2,666  2,983  2,682 2,961 36,588
2013 2,284  2,640  2,959  3,054 3,074 2,964  2,942  2,944  2,673  2,627     28,161
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Mortgage Market News

Online Real Estate company Zillow reported on Thursday that negative equity rates fell at their fastest pace ever in the third quarter, plunging by 21% of all homeowners with a mortgage. There are 10.8 million homeowners underwater, owing more than the home is worth, down 4.9 million from the peak in the first quarter of 2012.
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Mortgage Market News

The Labor Department reported today that the number of Americans across the nation that applied for unemployment benefits declined in the latest week. Weekly Initial Jobless Claims fell by 21,000 to 323,000, below the 333,000 that was expected. It was the lowest level since late September, but the numbers could be skewed by the Veteran's Day holiday and claims could inch up next week.
Inflation at wholesale level remained tame in October as costs were led lower by declining energy prices. The Producer Price Index fell by -0.2% in October, below the -0.1% expected. Within the report it showed that food costs jumped by 0.8%, the biggest increase since March.
Manufacturing activity in the Philadelphia region declined in November from the preceding months. The Philadelphia Fed Index fell to 6.5 from the 19.8 recorded in October and below the 11.9 that was expected, though positive for six consecutive months. The surveys broadest indicators, for general activity, new orders, shipments and employment were positive, but did slip from the October levels. However, the lower costs don't always filter down to the consumer as companies raise and lower prices for various reasons.
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Mortgage Market News

Consumers across the nation flocked to malls for the Veteran's Day promotions, boosting sales in the latest week. The ICSC-Goldman Sachs Chain Store Sales Index was up 0.1% for the week ending November 16. On a year-over-year basis, there was a 2.8% increase, the biggest gain since October 19, 2013.
 
In corporate earnings news, home improvement retailer Home Depot reported today that net earnings were up nearly 48% in the third quarter as compared to the same period of last year. The company earned 95 cents per share versus the 89 cents that was expected. The better than expected earnings stems from the continued improvement in the housing market.
The big news in the financial sector today is the massive $13B settlement between JPMorgan and the Feds over the sales of low quality Mortgage Backed Securities that plunged in value during the financial crisis. JPMorgan asserts that most of the sales were originated from Bear Stearns and Washington Mutual, companies that JPMorgan acquired during the crisis.
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Mortgage Market News

Economic news was light today with just a reading from the National Association of Home Builders reporting that its Housing Market Index was steady in November at 54, just below the 55 that was expected. The number for October was revised to 54 from 55. It was the sixth consecutive month that builders viewed market conditions as good rather than poor as readings above 50 signal conditions are positive.
A recent survey conducted by Nielsen revealed that fewer shoppers will be out on Black Friday. Nielsen said in its Holiday Shopping Spending Forecast study that 85% of customers plan on skipping the stores the day after Thanksgiving this year. Instead, nearly half (46%) said they will shop online on Cyber Monday (December 2), compared with 30% in 2012.
The closely watched S&P 500 Stock Index hit yet a new milestone in today's trading, hitting a record high of 1,802. That is a near 30% increase this year and up a whopping 170% since the lows hit back in March of 2009 at the height of the financial crisis. The rise has been due in part to an improving economy, positive corporate earnings, and the Federal Reserve's Quantitative Easing Program.
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Mortgage Market News

The closely watched S&P 500 Stock Index hit yet another milestone yesterday, closing at a record high of 1,790 and has risen a whopping 25% this year. The gains come on the heels of an improving economy, solid corporate earnings and the Federal Reserve's ongoing stimulus program. The S&P 500 is widely regarded as the best single gauge of large cap U.S. equities. The index includes 500 leading companies and is considered a bellwether for the U.S. economy.
In economic news, the New York State Empire Manufacturing Index disappointed investors this morning when the data was released. The index fell by -2.2 versus the expectations of 4.3 with the employment component also declining and falling to 0.0. The declines were unexpected, but given that the northeast is not a big manufacturing region, it may not suggest that national manufacturing is declining.
Incoming Federal Reserve (the Fed) Chief Janet Yellen, was on Capitol Hill yesterday at her confirmation hearing and is set to become one of the most important financial figures in the world. Ms. Yellen will become the first chairwoman of the Fed in its near 100-year history. Ms. Yellen, 67, was born and raised in Brooklyn, New York and attended Brown University (B.A) and Yale University (Ph.D).
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Mortgage Market News

The Labor Department reported this morning that weekly state unemployment claims fell by 2,000 in the latest week to 339,000 and above the 330,000 that was expected. The four week moving average, which irons out any seasonal abnormalities, fell by 5,750 to 344,000. The labor markets are being weighed down by lackluster domestic demand for goods and services.
In a separate report, U.S. Productivity in the third quarter rose by 1.9% from the 1.8% in Q2. Gains in Productivity could dissuade companies from ramping up hiring. Productivity measures the amount of output per hours worked. In the latest Gross Domestic Product report, consumer spending was at a three year low, so employers will have to raise employee efficiency in an effort to strengthen profits.

For the first time since 1995, the U.S. has produced more oil than it has imported due to a surge in domestic shale output and with demand being relatively flat, the U.S. Energy Information Administration (EIA) said this week. The EIA said the trend should continue as oil supplies grow while reliance on imports eases. The U.S. continues to be the world's largest oil-consuming nation.
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Mortgage Market News

There were no major economic reports released today and the week's calendar is on the light side. The major Stock Indexes are trading lower as investors take some profits due to record high levels. Mortgage Bonds are trying to stabilize after Friday's big drop due to the much better than expected Jobs Report. Investors tend to shift out of the safe haven of the Bond markets and into more riskier assets when there is positive economic data.
Over in the mortgage market, the Mortgage Bankers Association reported today that its Market Composite Index, a measure of total loan application volume, fell by 1.8% in the latest week. The refinance index fell by 2% while the purchase index declined by 1%. Home loan rates rose in the summer months, easing demand for home purchases and made refinancing less attractive.
In corporate earnings, ahead of the kick off to the holiday shopping season, 155-year old Macy's (M, $50.55, +$4.22) reported strong profits in its latest quarterly earnings report. The retailer reported earnings of 47 cents, well above the 39 cents that was expected and an increase of 31% from a year ago. The company said it has seen improvement in the sales trend in every region of the country compared with the spring season. Macy's will open its doors to consumers at 8:00pm on Thanksgiving to kick start the holiday shopping season.
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Mortgage Market News

Credit bureau TransUnion reported today that mortgage delinquency rates declined by 4.09% in the third quarter of 2013 and plunged almost 24% since the same period last year. TransUnion said the levels are still historically high, but the big year-over-year drop is positive news for lenders and homeowners.
The world's largest retailer, Wal-Mart, announced today that it will open stores at 6:00pm on Thanksgiving night and joins Target, Best Buy, Toys R Us and Macy's with earlier openings. Retailers are growing nervous over the holiday shopping season given that is shorter by six days along with a decline in consumer confidence. The whole fiasco in Washington in October over the shutdown and fiscal issues the culprit behind the moves from major retailers.
Prices at the pump continue to decline this week as the national average price for a regular gallon of gasoline is at $3.17 today, down from $3.34 a month ago. Prices have fallen below $3 in parts of the country due to the increased supply of oil from North Dakota and Canada. Other factors include that there were no major storms in the Gulf Coast areas this season and demand falling. Analysts feel the national average could drop below $3 by the end of December for the first time since late 2010.
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Mortgage Market News

The Mortgage Bankers Association reported today that its Market Composite Index, a measure of total loan application volume, fell by 7% in the latest week as consumers head into the holiday shopping season. The refinance index fell by nearly 8% while the purchase index declined by 5.2%. The recent rise in home loan rates is also a big factor in the decline in applications.
Over in the labor markets, outplacement firm Challenger, Gray & Christmas reported that planned layoffs across the U.S. rose by 13.5% in October from September. There were 40,289 layoffs announced in September while October's number rose to 45,730. However, there was some light at the end of the tunnel - from October 2012 to October 2013, planned layoffs fell by 4.2%. The layoffs in October were concentrated in the pharmaceutical and financial industries.
Prices at the pump continue to decline across the U.S. as supplies grow and as demand slips after the summer driving season ended. The national average price for a regular gallon of gasoline is at $3.24, the lowest level this year. In many states, the price has hit $3 or below. Analysts see the low prices lasting through the winter and into next year and don't anticipate a rise until near Valentine's Day, when the spring and summer driving season begins.
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Mortgage Market News

The U.S. Census Bureau reported this morning that the homeownership rate in the U.S. in the 3rd quarter was at 65.3%, up from 65.0% in the first two quarters. The rate peaked at 69.2% in 2004 and the 65% was the lowest since 1995.
In economic news, the ISM Service Index increased to 55.4% in October, up from the 54.4% registered in September and above the 54.4% expected. The numbers signal continued growth at a faster rate in the service sector. The employment component rose by 3.5% to 56.2%, indicating growth in employment for the 15th consecutive month. Readings above 50% signals expansion.
CoreLogic reported today that its Home Price Index, which includes distressed sales, rose by 12% from September 2012 to September 2013 and was the 19th consecutive month of year-over-year home price gains. From August to September, home prices rose 0.2%. In the bigger picture, home prices are still 17.4% lower than the April 2006 peak.
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Mortgage Market News

There were no economic data points today of any consequence, but reports pick up towards the end of this week. The government will release the delayed October Jobs report on Friday, where it is expected that employers added 100,000 jobs. The Unemployment Rate is estimated to tick up slightly to 7.3% from 7.2%.
Due to a slowdown in the mortgage business, the muddling economy and the surge in online banking, financial firms across the U.S. have announced cutting tens of thousands of jobs since the beginning of the year. Outplacement firm Challenger, Gray & Christmas said that 49,000 workers have been let go or will be laid off in the near future. In just September and August, there were 13,100 layoffs announced.
The long awaited Initial Public Offering (IPO) of Twitter will debut this week as the company intends to raise between $1.6 billion to $1.8 billion when the Stock opens for trading. The price is now set between $23 and $25 a share, up from $17 to $20 previously. Twitter will sell 70 million shares in its IPO and will value the company at around $12.8 billion to $13.9 billion. The shares are expected to trade for the first time on Thursday.
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Fannie Mae Suing

Economic data was on the light side today with just a reading on manufacturing activity across the nation. The national ISM Index came in at 56.4% in October, up from the September reading of 56.2%. It was the highest level in 2013 and has increased progressively each month since June. However, within the report the employment component fell by 2.2% to 53.2%.
The major Stock indexes have soared this year due in part to the massive stimulus program enacted by the Federal Reserve Bank. The S&P 500 is up 23%, the Nasdaq has gained 30% while the Dow Jones Industrial Average is up 19%. However, the Federal Reserve released its monetary policy statement this past Wednesday and said that the economy is improving, which could prompt the central bank to reduce its Bond buying efforts in December.
Government Sponsored Entity (GSE) Fannie Mae is suing 9 major barks in wake of the Libor scandal. The GSE is alleging that the banks, including Bank of America, JPMorgan Chase and Citigroup, manipulated the rate. Fannie Mae is seeking a total of $800 million in damages. Libor stands for London Inter-Bank Offered Rate and is the rate at which banks can borrow funds from other banks in the London interbank market.
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