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Las Vegas Housing Market Info (May ）)

Hi,

I have heard that California is cool and rainy this year, but Las Vegas, which is often affected in the same way, is in full swing.
What is different from previous years is that it feels a bit humid. This is evidenced by the fact that we found mosquitoes in the house, and in our haste, we are using an expired, discolored vape mat that we hardly ever use this year.

Now, as for real estate activity, there was not much change in June in terms of numbers.
I'm late, but here is the May data. The average price of existing single-family homes was $473,000, up 7.0% from May 2023. The average price for condos and townhouses was $295,000, up 7.3% from May 2023.The overall number of sales in May was also 3,091, up 3.7% for home sales and 0.9% for condos and townhouses from the same month last year.

The May 2024 housing supply was 5,298 units, compared to 4,570 units in the same month last year.
Distressed sales （ Short sales and foreclosures ） are near historically low levels, about 1.1% of all existing property sales in May 2024.
Since home prices are rising, it is unlikely to be a short sale if many homes have real estate equity, so-called unrealized gains, plus monthly payments at low home rates.
However, if people buy at higher home prices after home interest rates rise, it will continue to be difficult to refinance as long as interest rates remain high, and people's lives will continue to be squeezed. （ Please refer to the attached mortgage information. ） Interest rates will be affected by the Fed's decision later in the fall and also by the outcome of the presidential election.
Either side of support will result in a victory, but that victory should bring about the life that those who supported them want, so we will see which is the future that many Americans want.

By the way, the top realtor results for 2023 have been reported.
The top Las Vegas realtor is Kristen Routh-Silberman of luxury real estate firm Douglas Elliman of Las Vegas. She is ranked #1 in Nevada and #39 in the nation.
Total transaction value was $212.9 mil, well ahead of second-place Zar Zanganeh of The Agency with $68.6 mil ( $ 68.6 mil).
Imagine the revenue figures of these fine achievers.

As some of you may already know, there has been quite a change in real estate purchases in the US since this summer.
It is possible that there will be some properties where the buyer pays the buyer's broker's commission. In the past, it has been customary in the U.S. for the seller to pay both the seller's and buyer's commissions.
This was strange because it is different from Japan, but there may be properties in the future where the buyer will incur expenses that were not previously necessary for the buyer.
Again, this will vary from seller to seller, and there may be cases where the seller will pay a commission to the buyer's broker as in the past.
In addition, each agent showing a property will be required to have a contract with their broker, which they will be asked to sign prior to viewing the property.
The rules are becoming stricter, so please contact us if you are interested in purchasing a property.
Currently, the change is scheduled for August 17, but that contract is not yet complete in Nevada, although it varies from state to state.
We will let you know in the meantime.

This was a bit heavy topic, so we'll switch to a fun topic next.
This is Realtor Fun Facts （ Fun Facts ）. I, as well as other agents, are properly called
Realtor （ Realtor ） rather than Real Estate Agent （ Realtor ） as their professional name. NAR （ Broker （ Real Estate Broker ） who are members of the National Association of Realtors ）, the name Realtor working under them is trademarked and only those who are admitted
to membership may call themselves a Realtor.

The NAR was founded in 1908.
- At that time 100% of its members were men.
The first woman joined the NAR in 1910.
There are currently 2 million Real Estate Agents in the United States.
- 1.5 million of them are Realtors.
- 62% of them are women.
The average age is 53-56 years old.
- There are 20,817 licensed Realtors in Nevada.

Consumer Trends
- 89% of buyers use Realtor when buying.
- 72% of people use the first agent they speak with.
- 89% of sellers use agents to sell their homes.
- 65% of sellers use an agent they were referred to.
- 87% of people say they will use the same agent next time.
- 20% of people change agents 4 or more times.
- 43% of homeowners say they are prepared to move for a better pet home.
- 68% say pet regulations/rules at their location influenced their decision to rent/buy.

Which category did you all fall into ？

Have a great American Independence Day week!