Housing inventory is at its highest level of the year
It may not feel like it, but current national inventory for available homes is actually at the highest level for the entire year.
According to recent data from Altos Research, there are currently 496,541 units available on the market. This is the most available inventory since January 1st, 2023. Altos is also expecting the market to peak into September and possibly into October. Why is this? Well, higher rates are keeping buyers on the sidelines, but elevated home prices are encouraging sellers to stay in the market.
Additionally, 35.5% of homes on the market have undergone a price reduction. According to the trendlines shown by Altos, the price reduction curve may start to accelerate. Median prices appear to have plateaued and should start to tick downward into the fall and winter.
Are there states that will pay you to build a tiny home?
While tiny homes have become a popular trend in the past few years, there are three states that are offering incentives to build them.
California is offering ADU (Accessory Dwelling Unit) grant programs that provide up to $40,000 towards pre-development and non-reoccurring closing costs associated with the construction of an accessory dwelling unit. The program is open to all Californians with a low to moderate income.
New York has an ADU program that provides grants of units to local governments and non-profit organizations committed to “crafting community-specific programs for generating safe, quality accessory dwelling units.” This program provides low-to-moderate New York residents with up to $125,000 to build or upgrade an existing ADU.
Vermont also has a grant program to create accessory dwelling units on owner-occupied, single-family properties. Owner-occupants can apply for a grant of up to $50,000 for the creation of an ADU.
How strong is demand in Las Vegas for luxury properties?
According to real estate experts in and around the Las Vegas area, demand for high end property and luxury homes is still very strong.
Former MGM Resorts International CEO Jim Murren’s Summerlin home is under contract after getting listed for $17.75 million. At least seven properties listed above $10 million have sold in the past 3 ½ months. There were also 136 sales of $1 million or higher in during July with 182 sales above the $1 million price point still pending.
“It is easier to sell a $15 million home right now than it is to sell a $4 million home,” said Ken Lowman, a Realtor with Luxury Homes of Las Vegas. “The ultra uber wealthy always have money, but they are the ones that benefit the most from fleeing a tax-heavy state like California and coming to Las Vegas. They are not worried one bit about higher interest rates.”
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