Las Vegas Real Estate Market Update – July 2023

Las Vegas Housing Market Update – July 2023

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

Market Trends

There were 2,293 single-family houses that sold in June, down 1% from May and down 14.1 % from June 2022.

The median sales price of previously owned single-family homes, went from $442,100 in May to $440,990 in June, which is down .3% from the prior month and down 8.1% from the prior year.

In June 2022, the median price of previously owned single-family homes was at $480,000.
In June 2021, the median price of previously owned single-family homes was at $395,000.
In June 2020, the median price of previously owned single-family homes was at $325,000.

Luxury Market

There were 114 homes that sold in June for $1 million and over, compared to May 132 homes, 18 home decrease.

The median sales price in the Luxury Market for June decreased to $1,495,000 and in May that number was $1,515,000. A $20,000 decrease in the median sales price.

Market Trends

So, for June we had a total of 2,617 new listings, which is up .5% from May, but down 44% from the prior year.

In June 2022, there were 4,674 new listings on the market. Which is 2,057 more listings on the market in 2022 than in 2023.

There were also a total number of 3,680 single-family houses listed without offers at the end of June, (In May that number was 3,645) which is up 1% from the previous month, but down 36% from the prior year.

This is telling me a couple of things:

1. The sellers are not out to play.
2. The have low interest rates on their home and don’t need to sell. They either bought their home recently at a low interest rate or the refinanced when the rates were low.
3. The sellers that I am seeing have to sell b/c they either had family issues and/or moving out of state.
4. With limited inventory on the resale side, buyers are looking at new construction homes.

Market Trends

Which brings us to the housing supply in Southern Nevada, last month we are at 1.6 months of inventory on the market, which is up 2% from May, but down 25.5% from the prior year.

65.5% of the closings for the month June was on the market 30 days or less, in May this number was at 60.6% and in June 2022 86.1% of the homes were on the market 30 days or less.

INTEREST RATES

According to the S&P/Case-Shiller U.S. National Home Price Index as of July 6, the rate for a 30-year fixed rate mortgage sits at 7.2%

NEW BUILDER INCENTIVES

Taylor Morrison

Taylor Morrison is 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 2.49% interest rate, for year 2 get 3.49% interest rate, for year 3 get 4.49% interest rate and from year 4-30 get 5.49% interest rate.

 This is on new home contracts entered as of 7/7/23 to 7/31/23 on all eligible Las Vegas area Quick Move-in Homes (each, an “Eligible Home”) that close on or before 8/31/23 (“Promotion Period”).

Toll Brothers
For a limited time only, Toll Brothers is offering a special 5.49% 30-year fixed interest rate on quick move-in homes eligible to close by August 21, 2023.

Pulte
Pulte is offering limited time special interest rate offer on a 30-year fixed rate at 5.25% for their quick move-in homes when you use their in-house lender. Offer available only on certain inventory homes that contract after 6/5/23 and close by 8/31/23.

Must put 20% down and have a FICO score of 780 or higher and a debt-to-income ratio of 40% or less for primary residence.

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 Richmond American Homes between July 1 and July 9, 2023, and close on or before September 29, 2023, when financing is provided by HomeAmerican Mortgage Corporation.

Century Communities
Lock in an incredible 5.875% interest (last month this was at 4.875%) rate on a Conventional 30 -year fixed rate loan, when you finance with their affiliate lender, Inspire Home Loans on select lots only.

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

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.

ROB & ANG BETS

MEDIAN SALES PRICE
Rob said $7,600 increase
Ang said $7,500 increase
Actual # $1,110 decrease
Ang won this one!

WITHOUT OFFERS
Rob said 3,700
Ang said 3,500
Actual # 3,680
Rob won this one!

MONTHS OF SUPPLY
Rob said 1.7 months
Ang said 1.6 months
Actual # 1.6 months
Ang won this one!

Las Vegas Realtors Report: https://bit.ly/44xyGxP

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