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Prices & Sales Continue to Rise in the Las Vegas Housing Market, March 2016

Friday, April 15th, 2016

Hi Everyone, Happy Friday from Sunny, Windy Las Vegas:

Words: The Central Banker’s Conundrum April 8, 2016 — Mortgage rates declined a bit this week,

April 8, 2016 — Mortgage rates declined a bit this week, as investors refocused on global economic troubles and the words and deeds of central bankers around the globe.

Although modest U.S. economic expansion continues, doubts remain that it is durable enough to continue in the face of considerable worldwide headwinds, or strong enough so as to be an engine to help lift the world from its malaise. Certainly, many central banks are employing novel approaches to try to spark growth in their economies, but so far the only success story to be seen is here.

Much as it might like to, the Fed cannot lift interest rates as desired, at least not without causing the kind of market-disrupting outward ripples we endured in the aftermath of the Fed’s small move to the Federal Funds rate back in December. That move — and plans for as many as four more this year — so unsettled markets that the Fed was forced to back down its expectations for lifting rates in 2016 from four moves to two.

As they usually do after tumultuous periods, markets settled, and now, with Fed policy de-tuned, there aren’t any immediate rate changes for which to plan or hedge. The Fed is watching the data for clues, the market is watching the Fed for clues, with both reacting accordingly when they come. At the moment, the Fed is “talking down” expectations for growth and rates by highlighting the risks and challenges the economy faces. This has helped mortgage rates to fall, but presents a bit of a quandary for the Fed’s messaging to markets.

HSH.com’s broad-market mortgage tracker — our weekly Fixed-Rate Mortgage Indicator (FRMI) — found the overall average rate for 30-year fixed-rate mortgages eased by eleven basis points (.11%), slipping to an average 3.67%, its lowest value since May 2013. The FRMI’s 15-year companion found a little less space to fall, with this week’s average trimming nine basis points to an average rate of 3.07%. Rates on fully-insured FHA-backed 30-year FRMs remain considerably below their Fannie and Freddie counterparts but declined far less than they did, falling by just four basis points to land at an average interest rate of 3.55%. Meanwhile, the overall 5/1 Hybrid ARM continued tracked the FRMI completely, sliding by eleven one-hundredths of one% to land at 2.90 percent for the week.

The median price for condos was also up for the 47th month in a row.

with home sales have been higher than the year before ten of the last twelve months.

The housing market continues to be on the side of sellers.

The median price for single-family, re-sale homes in the Greater Las Vegas area rose, year-over-year, for the 47th month in a row in March.

 

I will say once again, INVENTORY is very low.  If you are ready to move please give me a buzz so we can go over your Real Estate needs.  I am here to help.  Thank you for your time.  Penny

 

Penny O'Brien
Las Vegas | Henderson | Summerlin Realtor/Real Estate Agent


Cell:  702.321.9383
Email: lasvegasniceliving@yahoo.com

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