Is the Las Housing Market Cooling Off? September 2024

Is the Las Housing Market Cooling Off? September 2024

Join Rob and I for our August 2024 Las Vegas housing market update!

As listings continue to rise month after month, what impact is that having on the Las Vegas market? With more homes staying on the market for over 30 days with multiple price reductions, are we on the verge of a market crash or just a correction? Despite these changes, the median sales price has remained relatively steady.

In this video, we’ll share our insights on where we think the Las Vegas real estate market is heading as we move into the last quarter of the year. Plus, with interest rates expected to decline, what does that mean for buyers and sellers?

We’ll also be covering all the new construction builder incentives available for September 2024, so if you’re thinking about buying a new home, you won’t want to miss this!

And of course, we’ll reveal who won last month’s bet between Rob and I! Stay tuned and make sure to subscribe for your monthly market updates!

MARKET TRENDS

There were 2,138 single-family houses that sold in August, down .3% from July, but up 6.4% from August 2023.

The median sales price of previously owned single-family homes, went from $480,000 to $476,875 in August, a $3,125 median price decrease which is down .7% from August, but up 6.6% from August 2023.

So, from August 2023 to August 2024, we had a $29,440 median price increase in single-family homes.

In August 2024, the median price of previously owned single-family homes was at $476,875.

In August 2023, the median price of previously owned single-family homes was at $447,435.

In August 2022, the median price of previously owned single-family homes was at $450,000.

In August 2021, the median price of previously owned single-family homes was at $405,000.

The median sales price of condos and townhomes for August decreased to $292,000, which is down 1.4% from July, but up 1.7% from the prior year.

So, from August 2023 to August 2024, we also had a $5,000 median price increase in condos/townhomes. This is telling me that the condos/townhomes median price has been relatively stable this past year.

In August 2023, the median price of condos and townhomes was at $287,000.
In August 2022, the median price of condos and townhomes was at $264,900.
In August 2021, the median price of condos and townhomes was at $229,000.

LUXURY MARKET

There were 138 homes that sold in August for $1 million and over, compared to July’s 158 homes, 20 home decrease.

The median sales price in the Luxury Market for August decreased to $1,300,000 and in July that number was $1,456,000. A $156,000 decrease in the median sales price.

MARKET TRENDS

So, for August we had a total of 3,153 new listings, which is up 6.4% from July and up 19.4% from the prior year.

There were also a total number of 5,268 single-family houses listed without offers in August, which is up 13.7% from the previous month and up 35.7% from the prior year. In July there were a total of 4,634 single-family homes listed without offers, which is 634 more listings in August than July.

August 2023 there were 3,881 single-family homes listed without offers, which is 1,387 less homes on the market last year compared to this year.

August 2022 there were 7,997 single-family homes listed without offers, which is 2,729 more homes on the market in 2022 compared to this year.

MARKET TRENDS

Which brings us to the housing supply in Southern Nevada, last month we are at 2.5 months of inventory on the market, which is up 14.1% from July and up 27.5% from the prior year. August 2023 we were at 1.9 months of inventory.

August 2022 we had 4 months of inventory on the market.

66.8% of the closings for the month August was on the market 30 days or less, in July this number was at 69.9% and in August 2023, 69.8% of the homes were on the market 30 days or less.

NAR SETTLEMENT – September 2024

• It’s been brutal out there; I have to fight for my commission. Buyers don’t have the funds to pay my commission and sellers are being greedy.
• Sellers do not expect to get top dollar for your home in this market. Buyer’s will offer much lower prices and will ask for more concessions, especially if the sellers refuse to pay their buyer’s agent commission.

MY PREDICTION – September 2024

• We will see more listings go on the market and the median price will slightly go down. It all depends on how the FEDS will handle lowering the interest rates this month and the remaining of the year.
• We will see more overpriced listings go on the market and those listings will sit on the market for much longer and you will see price decrease after price decrease. Until the listing becomes stale.
• We will see more junk homes on the market that are outdated and needs a lot of work.

NEW BUILDER INCENTIVES

As we approach the end of the year, it’s shaping up to be an excellent time to invest in a move-in-ready, new construction home. While I mention this every year, the final quarter is typically when builders offer their best incentives and more favorable interest rates. Plus, they want to make their year-end numbers. With the forecasted decrease in rates by year-end, it’s likely that builders may reduce the generous incentives we’ve seen in previous years.

Many new construction communities are nearing completion, and this is where some of the best deals can be found. To make the most of these opportunities, you’ll want an experienced real estate agent who knows how to negotiate effectively with builders on your behalf.

Century Communities

Century Communities is having their NEW HOME Kick Off Event. Take the next step in your homebuying journey with a 30-year fixed rate loan on select homes when financing with Century Communities affiliate lender, Inspire Home Loans. Get 3.875% interest rate for FHA and VH loans or 5.5% interest rate on a Conventional Loan.

FHA and VA rates are available only on the purchase of select Century Communities homes that contract by 9/10/2024 and close on or before 9/30/2024. Conventional rate is available only on the purchase of select Century Communities homes signed and locked on or between 9/5/24 and 9/11/24.

Century Communities is the only builder that you have to buy your move-in ready home on-line. I highly suggest that you have an agent first to help you navigate through the process and to ensure you get the best deal possible.

KB Homes

Visit now to discover great prices on new homes you can personalize as well as move-in ready homes if you prefer to move sooner. Plus, qualified buyers can finance their new KB home through KBHS Home Loans® and lock in a rate as low as 4.875% (5.917% APR) on select move-in ready homes that close by October 31, 2024 or on personalized homes that close by February 28, 2025.

Pulte

Pulte is offering limited time special financing on a 30-year fixed rate with a 3 to 1 Buydown on select quick move-in homes when you use finance through Pulte Mortgage. Get 1.99% interest rate in your first year, 2.99% in your second year, 3.99% in your third year, and 4.99% from years 4-30.

This is for Conventional Loans ONLY, with a minimum of 20% down, that contract from now and close by 11/30/24.

Richmond American Homes

Richmond American is offering special 30-year, fixed-rate financing options —while funds last! Must be under contract by 9/15 to take advantage of these rates. You also have use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.

Fixed Rate Close by 9/30/24

3.99% 30-year FHA fixed rate w/ 3.5% down

3.99% 30-year VA fixed rate w/ $0 down

4.75% 30-year Conventional fixed rate w/ 10% down

Fixed Rate Close by 10/31/24 or 12/31/24

4.99% 30-year FHA fixed rate w/ 3.5% down

4.99% 30-year VA fixed rate w/ $0 down

5.50% 30-year Conventional fixed rate w/ 10% down

Taylor Morrison

Taylor Morrison is offering a limited time fixed interest rate at 4.875% for a 30-year fixed mortgage on select quick move-in homes in the Las Vegas area.

Valid on new home contracts entered from now until 8/31/24 on all eligible Las Vegas area Quick Move-in Homes that close on or before 10/04/24 (“Promotion Period”).

Toll Brothers

Toll Brothers is having their National Sales Event from now until September 22, 2024. Choose a beautiful new Toll Brothers quick move-in home now and qualify for a special 4.375% 30-year fixed interest rate offer through Toll Brothers Mortgage Company.

Tri Pointe Homes

During Tri Pointe’s Warm Days, Warmer Welcome Event, turn your dream home into your new home—with limited-time savings you won’t want to miss.

Conventional 30 Year Fixed Rates

Take advantage of a 30-year fixed conventional 4.99% interest rate plus up to $8,800 in closing credit on select move-in ready homes. (Kyle Pointe, Azure Park, & Citrine)

Purchase an eligible move-in ready Tri Pointe Homes at Arrow Peak, Azure Park or Citrine by 10/6/24 for list price, while supplies last, and finance the purchase through their affiliated mortgage company, Tri Pointe Connect®️, to unlock your interest rate with Tri Pointe and close by 11/27/24.

Conventional 30 Year Fixed Rates

Take advantage of a 30-year fixed conventional 4.99% interest rate plus up to $6,400 in closing credit on select move-in ready homes. (Crestview, Highview, Southridge Pointe, & Vertex)

Purchase an eligible move-in ready Tri Pointe Homes at Crestview, Highview, Southridge Pointe, or Vertex by 10/6/24 for list price, while supplies last, and finance the purchase through their affiliated mortgage company, Tri Pointe Connect®️, to unlock your interest rate with Tri Pointe and close by 11/27/24.

ROB & ANG BETS

MEDIAN SALES PRICE

Rob said $1,500 increase

Ang said $2,000 increase*

Actual # decreased by $3,125

ROB won this one!

WITHOUT OFFERS

Rob said 4,850

Ang said 4,900

Actual # 5,268

ANG won this one!

MONTHS OF SUPPLY

Rob said 2.5 months

Ang said 2.4 months

Actual # 2.5 months

ROB won this one!

LAS VEGAS REALTORS REPORT – SEPTEMBER 2024

If you’re considering buying a home in the Las Vegas Valley, please don’t hesitate to reach out to me. I’ll get back to you personally and promptly. Thanks for visiting!

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