On May 26, 2009, shock waves hit the mortgage market as interest shot up after dropping into the 4 percent range for 30-year fixed-rate conforming loans. On May 29, the bond market rallied, lowering mortgage rates by about half of the previous days’ increase. This was followed by another rate hike as investors demanded higher interest rates on long-term government debt. Interest rates on 30-year fixed-rate home mortgages are tied to the 10-year Treasury rate.
According to Mike Kearns, sales manager for Woodside Homes, Woodside neighborhoods across Southern Nevada have seen an upturn in visitor numbers and sales over the past few months. “Our sales have steadily increased over the past four months. We definitely believe new home sales are making a comeback in Las Vegas,” he said.
Montclaire, one of Pardee Homes’ newest Southern Nevada neighborhoods, features homes that start from $284,950 in a well-established area of Henderson that is just off of Horizon Ridge Parkway and Jeffreys Street, according to Pardee Homes’ Regional Sales Director Rob Tuvell.