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.
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