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November 12, 2023Las Vegas Housing Market Madness: November 2023
Las Vegas Housing Market Madness: A Startling Update
Welcome to the November 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over October 2023 numbers.
Market Trends
There were 1,699 single-family houses that sold in October, down 6.7% from September and down 1.5 % from October 2022.
The median sales price of previously owned single-family homes, went from $450,000 in September to $449,000 in October, which is down .2% from the prior month, but up 2% from the prior year.
In October 2022, the median price of previously owned single-family homes was at $440,000.
In October 2021, the median price of previously owned single-family homes was at $410,000.
In October 2020, the median price of previously owned single-family homes was at $340,200.
Luxury Market
There were 96 homes that sold in October for $1 million and over, compared to September 99 homes, 3 home decrease.
The median sales price in the Luxury Market for October decreased to $1,300,000 and in September that number was $1,445,000. A $145,000 decrease in the median sales price.
Market Trends
So, for October we had a total of 2,332 new listings, which is down 4.7% from September and down 19.1% from the prior year.
In October 2022, there were 2,883 new listings on the market. Which is 551 more listings on the market in 2022 than in 2023.
There were also a total number of 4,213 single-family houses listed without offers at the end of October, which is up 3.6% from the previous month, but down 46.7% from the prior year. (Slide
October 2022 there were 7,906 single-family homes listed without offers.
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 11.1% from September, but down 45.9% from the prior year.
October 2022 there were 4.6 months of inventory on the market.
67.2% of the closings for the month October was on the market 30 days or less, in September this number was at 68% and in October 2022 53.7% of the homes were on the market 30 days or less.
INTEREST RATES
Mortgage rates hit their highest level in 23 years two weeks ago, however, have now cooled to 7.5 percent for a 30-year fixed rate.
NEW BUILDER INCENTIVES
If you are thinking about buying a new construction home in Las Vegas, now more than ever is the BEST time to buy. Especially since we are now in the 4th quarter and sellers are trying to make year-end numbers. I said this last year and I am saying it again! Take advantage of the builder’s lower interest rates and other incentives they are offering, while the funds last.
Taylor Morrison is having their Fall Finance Savings, 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 3.99% interest rate, for year 2 get 4.99% interest rate, for years 3-30 get 5.99% 30-year fixed interest rate.
Valid on select eligible new home contract entered as of 11/1 – 11/30 on all eligible Las Vegas area Quick Move-in Homes (each, an “Eligible Home”) that close on or before 12/29/23.
For a limited time only and subject to mortgage rate availability, Toll Brothers is offering a special 5.99% 30-year fixed interest rate on limited select quick move-in homes eligible to close by January 2, 2024.
Pulte is offering limited time special interest rate offer on a 30-year fixed rate at 5.75% for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract after 10/30/23 and close by 12/29/23.
Contract 11/6 – 11/12 to take advantage of these rates—while funds last! Homes must close by 12/29/23 while funds last! (These dates are ever changing)
4.875% 30-year FHA fixed rate
4.875% 30-year VA fixed rate
4.99% 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:
6.25% 30-year FHA fixed rate
6.25% 30-year VA fixed rate
6.5% 30-year Conventional fixed rate
Must use their preferred lender, Home American Mortgage Corporation to take advantage of these special interest rates.
Tri Pointe Homes is having their Pointe the Way Celebration Event. During this event, you have the option to choose what works best for you on select Tri Pointe Homes Communities.
- 30 Year Conventional Fixed Rate at 6.5% – you will receive a mortgage rate lock and buy down incentive on select neighborhoods and homesites. (Inspirada, Overlook, Kings Canyon, Arroyo’s Edge)
- 30 Year Conventional Fixed 2-1 Buydown plus $10,000 Design Studio Credit – you will receive a mortgage rate lock and buy down incentive plus $10,000 Design Studio Credit on select neighborhoods and homesites. With a conventional 30 year fixed 2-1 buy down you have the benefit of a lower interest rate your first 2 years. For year 1 get 5.75% interest rate, for year 2 get 6.75% interest rate, for years 3-30 get 7.75% 30-year fixed interest rate. (Azure Park, Citrine, Arrow Peak)
- 30 Year Conventional Fixed 2-1 Buydown – you will receive a mortgage rate lock and buy down incentive on select neighborhoods and homesites. With a conventional 30 year fixed 2-1 buy down you have the benefit of a lower interest rate your first 2 years. For year 1 get 5.75% interest rate, for year 2 get 6.75% interest rate, for years 3-30 get 7.75% 30-year fixed interest rate. (Contour, Tempo)
To receive the incentive, you must enter into a purchase for an eligible homesite by 12/30/23 and close by 5/31/24. Incentive applied upon closing.
Enjoy lower payments for the first three years with limited-time finance savings on select move-in ready homes, when you use Century Communities in house lender, Inspire Home Loans. For year 1 get 3.25% interest rate, for year 2 get 4.25% interest rate, for years 3-30 get 5.25% 30-year fixed interest rate on a FHA or VA Loan ONLY.
Or get 5.25% 30-year interest rate on a FHA or VA Loan and 5.875% 30-year interest rate on a Conventional Loan.
FHA or VA loan rates are available only on the purchase of a qualifying Century Communities or Century Complete home that closes on or before 11/30/2023. Conventional loan rates are available only on the purchase of a qualifying Century Communities or Century Complete home that contract and closes on or before 12/29/2023.
Lennar is slashing prices and offering great incentives, they have extended their Special Financing and giving buyers 2 different financing options. Option 1: 5.375% 30-year fixed interest rate with $10,000 towards closing costs. Option 2: 2-1 Buy down, for year 1 get 3.375% interest rate, for year 2 get 4.375% interest rate, for years 3-30 get 5.375% 30-year fixed interest rate.
For a limited time opportunity, finance your new KB home through KBHS Home Loans and get a 5.875% 7/6 Adjustable Rate Mortgage (ARM) on a move-in ready homes that closes by 1/31/24. Or get a 6.99% 30-Year Fixed interest rate on a move-in ready home that closes by 1/31/24.
When you build from ground up get a 6.99% 30-Year Fixed interest rate on a personalized home that closes by 4/30/24.
ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $1,200 increase
Ang said $2,000 increase
Actual # $1,000 decrease
Rob won this one!
WITHOUT OFFERS
Rob said 4,400
Ang said 4,200
Actual # 4,213
Ang won this one!
MONTHS OF SUPPLY
Rob said 2.4 months
Ang said 2.3 months
Actual # 2.5 months
Rob won this one!
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
