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Is the Las Vegas Market about to CRASH? Las Vegas Real Estate Market Update July 2022

July 2022 Market Update

Las Vegas Housing Market Update – July 2022

Welcome to the July 2022 issue of our monthly market update for Southern Nevada. In this issue we will be going over June 2022 numbers.

Today we are going to go over our monthly numbers, seller advice, what is going on with new construction across the valley and who won lasts months bet.

 

Market Trends

There were 2,688 single-family houses that sold in June, down 8.2% from May and down 24.7% from June 2021.

Las Vegas house prices dropped for the first time in over 2 years. The 32-month streak of rising median sales price has finally come to an end.

The median sales price of previously owned single-family homes, went from $482,000 in May to $480,000 in June, a $2,000 decrease in median price; which is down .4% from May, but up 21.5% from the prior year.

The median sales price of condos and townhomes went from $285,000 in May to $282,000 June; which is down 1.8% from May, but up 29.6% from the prior year.

Last month’s dip was by no means a dramatic one, but it was the first time that Southern Nevada’s median house price fell month-to-month since April 2020 amid the early chaos of the pandemic.

Market Update

Luxury Market

There were 147 homes that sold in June for $1 million and over, compared to May’s 167 homes, a 20 home decrease.

The median sales price in the Luxury Market for June increased to $1,399,999 and in May that number was $1,300,000. Almost $100,000 increase in the median sales price.

 

Market Trends

So, for June we had a total of 4,674 new listings, which was up 15.9% from May and up 21.1% from the prior year.

There were also a total number of 5,746 single-family houses listed without offers at the end of June, (In May that number was 3,570) which is up 61% from May and up 134.1% from the prior year.

Market Update

Market Trends

Which brings us to the housing supply in Southern Nevada, we increased to 2.2 months of inventory, in May that number was at 1.2, which is up 75.4% from May and up 210.9% from the prior year.

86.1% of the closings for the month June was on the market 30 days or less, in May this number was at 88.6% and in June 2021, 88.6% of the homes were on the market 30 days or less.

Market Update

INTEREST RATES

In the housing market, the average rate on a 30-year home loan in May was 5.23%, up from 2.96% the same month last year, mortgage-finance giant Freddie Mac reported.

SELLER ADVICE

  • Do not expect to get over list price
  • Do not expect to get multiple offers
  • Do not expect to sell your home in a week
  • Now more than ever, your home needs to be PERFECT! Super clean and free of clutter.

NEW CONSTRUCTION

PULTE Incentives

  • Offering realtor co-op at 4% of base price
  • Offering Buyer’s closing cost paid up to 6%, with Pulte Mortgage
  • They have over 30 quick move-ins across the valley

RICHMOND AMERICAN

  • Offering 3% of base price towards closing costs if you use their in-home lender.
  • Extended rate lock

TOLL BROTHERS

  • Offering 4.99% interest rate on a 30-year fixed rate on their quick move-in homes that are eligible to close by 9/15/22.
  • Free rate lock on homes closing by 10/31/22.

TAYLOR MORRISON

  • Summer funds sales event – offering 4.99% interest rate on a 30-year fixed rate, when you choose one of their quick move-in homes and close by September 2nd to take advantage of the 4.99% interest rate, on a conventional loan.
  • Also offering up to 4% of purchase price towards your closing costs for using their in-home lender.

LENNAR

  • Purchase today on select condos or townhomes and pay $0 in closings costs
  • Offering 4.99% interest rate on a 30-year fixed rate if you use their in-house lender, for any move-in ready homes.

TRI POINTE

  • Offering 3% of base price towards closing costs if you use their in-home lender.

ROB, ANG & CHRIS BETS

MEDIAN SALES PRICE
Rob said NO INCREASE
Ang said $5,000
Chris said $2,500
It actually decreased by $2,000
Rob came the closest

WITHOUT OFFERS
Rob said 5,000
Ang said 4,500
Chris said 5,500
Actual # 5,746
Chris came the closest

MONTHS OF SUPPLY
Rob said 2.5 months
Ang said 2 months
Chris said 1.5 months
Actual # 2.2 months
Ang came the closest

So, there was no clear winner on all these bets.

 

Homes for sale in Summerlin

 

Las Vegas Realtor Report: https://bit.ly/3Ig1QYc

 

Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.

 

Subscribe to our YouTube Channel: http://bit.ly/YouTubeAOHare

 

Angela O’Hare
Favorite Las Vegas Realtor
Home Realty Center
Lic. #180246
702-370-5112
[email protected]
www.summerlincommunities.com