Market Update August 2019 – Welcome to the August 2019 issue of my monthly market update for Southern Nevada. In this issue I will be going over July 2019 numbers. This should be a relatively short market update, compared to months past.
Las Vegas’ housing market had a bump in sales last month compared to June, but things have still largely downshifted from a year ago.
According to the GLVAR, there were 3,159 single-family houses that sold in July, up 8.8% from June, and down .8% from July 2018.
And the median sales price of previously owned single-family homes, which compromises the bulk of the market, dropped to $303,000 in July, down .3% from the previous month and up 4.5% from the prior year.
Southern Nevada also had a total of 4,123 new listings for the month of July, down 2% from June, and up 6.6% from the prior year.
However, there were a total number of 7,808 single-family houses listed without offers at the end of July, down .1% from June and up 63.1% from the prior year.
There is a 2.5 months housing supply in Southern Nevada, down 8.2% from June and up 64.5% from prior year.
So, what does “Months of Supply” mean? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. …
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers.
Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers. We are still in a sellers-market, but it is not as strong as it was from a year ago.
57.6% of the closings for the month of June was on the market 30 days or less.
So, what does this all mean? Local home prices are appreciating, but at a more gradual rate than they have been in many years. The local housing market hasn’t been this stable in nearly 20 years.
As I have mentioned in my previous videos, we are definitely stabilizing when it comes to appreciation. In years past we were seeing huge increases year after year. Now we are seeing normal increases of 2-5% yearly appreciation.
Las Vegas home prices have been rising at the fastest rate in the nation. But compared to 2018, price growth has slowed considerably, buyers are picking up fewer houses and the tally of available listings has climbed.
Even with the increased tally of listings, which is giving house hunters more options, buyers overall are not snatching up properties as fast as they used to.
It seems like they are taking their time, and being much pickier.
If you would like to download the full report provided by the Greater Las Vegas Association of Realtors, CLICK HERE!
Also, if you are thinking about buying or selling in the Las Vegas Valley, I have provided a link to a form to fill out CLICK HERE or you can call me at 702-370-5112.
Well, I hope you have enjoyed my monthly market update for July 2019.
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Las Vegas Market Update – July 2019