Market Update September 2019 – Welcome to the September issue of my monthly market update for Southern Nevada. In this issue I will be going over August 2019 numbers.
Our streak is over, Southern Nevada no longer has the fastest-growing home prices! Phoenix nudged Las Vegas aside to claim the fastest-growing home prices in the nation in June, ending Southern Nevada’s yearlong reign at the top amid slower acceleration locally and nationally.
Las Vegas prices were up 5.5 percent year-over-year in June, compared with 3.1 percent nationwide, according to the S&P CoreLogic Case-Shiller index.
U.S. long-term mortgage rates are near historically low levels, with the average on the benchmark 30-year loan falling to its lowest level since November 2016.
Mortgage buyer Freddie Mac said that the average rate on the 30-year loan slipped to 3.55%. The rate stood at 4.51% a year ago.
According to the GLVAR, there were 3,168 single-family houses that sold in August, up .3% from July, and up 3.1% from August 2018.
And the median sales price of previously owned single-family homes, which compromises the bulk of the market, increased to $305,000 in August, up .7% from the previous month and up 3.4% from the prior year.
Southern Nevada also had a total of 4,113 new listings for the month of August, down .2% from July, and down 4.3% from the prior year.
However, there were a total number of 7,766 single-family houses listed without offers at the end of August, down .5% from July and up 33.5% from the prior year.
There is a 2.5 months housing supply in Southern Nevada, down .8% from July and up 29.5% 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.
52.4% of the closings for the month of June was on the market 30 days or less.
Nationally, housing demand “remains strong” amid rising wages and as mortgage rates keep falling amid growing economic uncertainty. However, buyers have become unwilling to pay escalating prices for homes that are on the market and are making sellers wait or drop their prices.
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 September 2019.
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Las Vegas Market Update – August 2019