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September 23, 2023Las Vegas Housing Market Update: September 2023 Insights & Predictions
Las Vegas Housing Market Update – September 2023
Welcome to the September 2023 issue of our monthly market update for Southern Nevada. In this issue we will be going over August 2023 numbers.
Market Trends
There were 2,009 single-family houses that sold in August, down 1.6% from July, but up .3 % from August 2022.
The median sales price of previously owned single-family homes, went from $450,000 in July to $447,435 in August, which is down .6% from the prior month and down .6% from the prior year. So, the median price decreased by $2,565 from the month before.
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.
In August 2020, the median price of previously owned single-family homes was at $335,000.
Luxury Market
There were 145 homes that sold in August for $1 million and over, compared to July’s 126 homes, 19 home increase.
The median sales price in the Luxury Market for August decreased to $1,365,000 and in July that number was $1,370,000. A $5,000 decrease in the median sales price.
Market Trends
So, for August we had a total of 2,641 new listings, which is up 12.2% from July, but down 34.1% from the prior year.
In August 2022, there were 4,008 new listings on the market. Which is 1,367 more listings on the market in 2022 than in 2023.
There were also a total number of 3,881 single-family houses listed without offers at the end of August, (In July that number was 3,524) which is up 10.1% from the previous month, but down 51.5% from the prior year.
August 2022 there were 7,997 single-family homes listed without offers.
Market Trends
Which brings us to the housing supply in Southern Nevada, last month we are at 1.9 months of inventory on the market, which is up 11.9% from July, but down 51.6% from the prior year.
August 2022 there were 4 months of inventory on the market.
69.8% of the closings for the month August was on the market 30 days or less, in July this number was at 68.7% and in August 2022 71.7% of the homes were on the market 30 days or less.
NEW BUILDER INCENTIVES
TaylorMorrison is still having their Summer 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 9/1/23-9/30/23 on all eligible Las Vegas area Quick Move-in Homes (each, an“Eligible Home”) that close on or before 10/31/23.
Toll Brothers is having their National Sales event from 9/9/23 to 9/24/23. Talk to a Sales Consultant today about taking advantage of special savings on select homes during this exclusive event. Incentive details vary by participating community.
For a limited time only and subject to mortgage rate availability, Toll Brothers is offering a special 5.49% 30-year fixed interest rate on select quick move-in homes eligible to close by October 31, 2023.
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 8/21/23 and close by 10/31/23.
Contract 9/1– 9/10 to take advantage of these rates—while funds last! Homes must close by 9/29/23 or at select locations by 10/31/23.
4.999% 30-year FHA fixed rate
4.999% 30-year VA fixed rate
5.625% 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:
5.50% 30-year FHA fixed rate
5.50% 30-year VA fixed rate
6.125% 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
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 anymore greater incentives on quick move-in homes.
ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $3,500 decrease
Ang said $5,000 increase
Actual # $2,565 decrease
Rob won this one!
WITHOUT OFFERS
Rob said 3,600
Ang said 3,500
Actual # 3,881
Rob won this one!
MONTHS OF SUPPLY
Rob said 1.8 months
Ang said 1.6 months
Actual # 1.9 months
Rob won this one!
LAS VEGAS REALTORS REPORT: https://bit.ly/3r4GgBX
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
