August 2023 Las Vegas Real Estate Market Update

Las Vegas Housing Market Update – August 2023

Welcome to the August 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over July 2023 numbers.

Market Trends

There were 2,041 single-family houses that sold in July, down 11% from June and down 1.2 % from July 2022.

The median sales price of previously owned single-family homes, went from $440,990 in June to $450,000 in July, which is up 2% from the prior month, but down 3.2% from the prior year.

So the median price increased by $9,010 from the month before.

• In July 2022, the median price of previously owned single-family homes was at $465,000.
• In July 2021, the median price of previously owned single-family homes was at $405,000.
• In July 2020, the median price of previously owned single-family homes was at $330,000.

Luxury Market

There were 126 homes that sold in July for $1 million and over, compared to June 114 homes, 12 home increase.

The median sales price in the Luxury Market for July decreased to $1,370,000 and in June that number was $1,495,000. A $125,000 decrease in the median sales price.

Market Trends

So, for July we had a total of 2,354 new listings, which is down 10% from June and down 47.2% from the prior year.

In July 2022, there were 4,459 new listings on the market. Which is 2,105 more listings on the market in 2022 than in 2023.

There were also a total number of 3,524 single-family houses listed without offers at the end of July, (In June that number was 3,680) which is down 4.2% from the previous month and down 51.9% from the prior year.

July 2022 there were 7,331 single-family houses listed without offers.

Market Trends

Which brings us to the housing supply in Southern Nevada, last month we are at 1.7 months of inventory on the market, which is up 7.6% from June, but down 51.3% from the prior year.

July 2022 there were 3.5 months of inventory on the market.

68.7% of the closings for the month July was on the market 30 days or less, in June this number was at 65.5% and in July 2022 83.6% of the homes were on the market 30 days or less.

INTEREST RATES

According to Freddie Mac, the average rate for a 30-year fixed mortgage is just under 7percent — numbers the U.S. economy has not seen since the 2008-09 economic downturn.

NEW BUILDER INCENTIVES

Taylor Morrison

TaylorMorrison is still having their Summer Event, enjoy lower payments for the first three years with limited-time finance savings on select move-in ready homes, when you use Taylor Morrison’s in house lender. For year 1 get 2.99% interest rate, for year 2 get 3.99% interest rate, for year 3 get 4.99% interest rate and from year 4-30 get 5.99% interest rate.

This is on new home contracts entered as of 8/1/23 to 8/31/23 on all eligible Las Vegas area Quick Move-in Homes (each, an “Eligible Home”) that close on or before 10/13/23 (“Promotion Period”).

Toll Brothers

Fora limited time only, Toll Brothers is offering a special5.49% 30-year fixed interest rate on select quick move-in homes eligible to close by 9/29/23. Must put 20% down and have a FICO score of 740 or higher.

Pulte

Pulte is offering limited time special interest rate offer on a30-year fixed rate at 5.5% for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract after 7/13/23 and close by 9/29/23. Must put 20% down and have a FICO score of 780 or higher.

Richmond American Homes

For homes that close by 9/29/23, enjoy a:

5.375% 30-year FHA fixed rate

5.375% 30-year VA fixed rate

5.750% 30-year Conventional fixed rate

These rates are when you apply for closing cost assistance toward permanent interest rate buy down. OR, use the closing cost assistance for other fees and enjoy these special rates:

6.125%30-year FHA fixed rate^

6.125%30-year VA fixed rate^^

6.625%30-year Conventional fixed rate^^^

Loan promotions are valid for buyers who contract with RichmondAmerican Homes between August 7 and August 13, 2023, and close on or before September 29, 2023, when financing is provided by HomeAmerican Mortgage Corporation.

Century Communities

CenturyCommunities is having their PURPLE TAG SALE. Lock in an incredible 5.25%interest rate on a FHA/VA Loan or 5.875% on a Conventional 30 -year fixed rate loan, when you finance with their affiliate lender, Inspire Home Loans on select lots only that close on or before 9/29/23.

Must be for an owner-occupied home with 10% or more down payment and a minimum credit score of 720.

Tri Pointe Homes

Tri Pointe Homes is offering 3% of base price towards closing costs if you use their lender, Tri Pointe Connect.

The list of builders that are still offering incentives is dwindling down. The more standing inventory homes the builders sell, the less they have in inventory to offer any more great incentives on quick move-in homes.

LAS VEGAS REALTORS REPORT: https://bit.ly/45i7LXa

ROB & ANG BETS

MEDIAN SALES PRICE

Rob said $1,400 decrease

Ang said $1,500 decrease

Actual# $9,010 increase

Rob won this one!

WITHOUT OFFERS

Rob said 3,750

Ang said 3,600

Actual# 3,524

Ang won this one!

MONTHS OF SUPPLY

Rob said 1.7 months

Ang said 1.6 months

Actual# 1.7 months

Rob won this one!

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.

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