LAS VEGAS MEDIAN SALES PRICE APRIL 2021$375,000 SINGLE FAMILY HOME$202,000 CONDO/TOWNHOMESUPPLY AND DEMAND: 2 WEEKS OF INVENTORY |
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Homebuilder Confidence Remains High Despite Rising Costs |
| Robert Dietz, NAHB’s chief economist said “Homebuyers should expect rising prices throughout 2021 as the cost of materials, land and labor continue to rise.”Builder sentiment in the single-family housing market was unchanged at 83 in May.Sales expectations in the next six months rose 1 point to 81.“Some builders are slowing sales to manage their own supply chains, which means growing affordability challenges for a market in critical need of more inventory,” said NAHB’s chief economist |
Home Prices Sky Rocketing Around the World |
| "This time last year we thought it was going to be 2008 all over again," said Kate Everett-Allen, the head of international residential research at real estate consultancy Knight Frank. The fear was house prices would collapse, as they reliably had done in past economic downturns. An increase in bankruptcies and unemployment would squeeze disposable incomes and make it difficult for highly indebted homeowners to keep up with their mortgages. "Actually, none of that happened," added Everett-Allen.Instead, house prices soared even as the world suffered its worst slump since the Great Depression. From New Zealand to the United States, Germany, China and Peru, the same phenomenon has taken hold: home prices are skyrocketing, and many buyers are panicking. |
MAJOR PREDICTION - HOUSING FORWARD LOOK |
| A forecast for a record $2.53 trillion worth of home sales in America in 2021—a 17% year-over-year gain that would mark the largest annual increase in percentage terms since 2013. To put $2.53 trillion into perspective, it's roughly equal to the value of Amazon.com Inc. and Facebook Inc. combined, or the 2020 gross domestic product (GDP) of France. The U.S. housing market has undergone a tidal wave rise during the coronavirus pandemic, fueled by record-low mortgage rates and a wave of migration made possible by remote work. Almost two-thirds (60%) of people expect to continue working from home at least part time after the pandemic, according to sources. Link to Additional Resources |
INFLATION NATION WORRIES 13 YEAR HIGH
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FEDERAL RESERVE WATCH |
| The Federal Reserve kept rates anchored near zero and maintained the current pace of asset purchases, following the conclusion of this week’s meeting.Officials also upgraded expectations for GDP growth and inflation and cut estimates for the unemployment rate.More members foresee rate hikes in coming years, but not enough to change the forecast for none through at least 2023Fed Chairman Jerome Powell has reaffirmed the central bank’s commitment to keep loose monetary policy in place.“I think it’s highly unlikely that we would raise rates anything like this year,” Powell told “60 Minutes.” Calendar Link to FOMC Board |
LOOKING TO SELL?
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LOOKING TO BUY?
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