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.
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.
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.
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.
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.
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.
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
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
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