Investors own over 131,000 homes in Las Vegas.
Sales of used homes went up by 4.8% in November compared to October. The National Association of Realtors reports that homes sold at a yearly rate of 4.15 million units. This is 6.1% more than in November 2022. November had the third-best sales rate of the year.
More people signed contracts to buy homes in September and October. In September, mortgage rates were low but went up in October.
Lawrence Yun, a chief economist, said, “More buyers are in the market as jobs are added and more homes are for sale.”
By the end of October, there were 1.33 million homes for sale, which is 17.7% more than last year. This means there is a 3.8-month supply of homes available. A balanced market has a 6-month supply.
Home prices are still rising. The median price in November was $406,100, an increase of 4.7% from last year. Around 25% of homes sold were paid for in cash. First-time buyers made up 30% of sales, a small increase from October.
Sales of homes over $1 million increased a lot, while homes under $100,000 saw fewer sales. Mortgage rates are now higher again after a recent meeting with the Federal Reserve.
Vocabulary List:
- Median /ˈmiː.dɪ.ən/ (noun): The middle value in a list of numbers when they are arranged in order.
- Contracts /ˈkɒn.trækt/ (noun): Legally binding agreements between parties.
- Supply /səˈplaɪ/ (noun): The total amount of a resource that is available to consumers.
- Economist /ɪˈkɒn.ə.mɪst/ (noun): An expert in the field of economics.
- Increased /ɪnˈkriːst/ (verb): To become or make greater in size amount intensity or degree.
- Balanced /ˈbæl.ənst/ (adjective): In a state where different elements are equal or in the correct proportions.
How much do you know?
What was the percentage increase in sales of used homes in Las Vegas in November compared to October?
What was the median home price in Las Vegas in November?
What percentage of homes sold were paid for in cash?
What percentage of sales were from first-time buyers in November?
How many months’ supply of homes was available by the end of October?
In what month did mortgage rates go up compared to the previous month?
The sales rate in November was the highest of the year.
Lawrence Yun is a chief economist who mentioned an increase in the number of buyers due to additional jobs and more availability of homes.
The number of homes for sale by the end of October decreased compared to the previous year.
Home prices in Las Vegas remained stagnant in November compared to last year.
A balanced market typically has a 4-month supply of homes.
Sales of homes under $100,000 in November were higher than in the previous month.
The number of homes available for sale by the end of October was million.
The percentage increase in home prices in Las Vegas from last year to November was %.
The proportion of first-time buyers in November increased by % compared to October.
Homes priced over $1 million experienced a increase in sales in November.
After a recent meeting with the Federal Reserve, mortgage rates are now again.
In November, there were more sales of homes in the price range of $ than in the range of $100,000.
