Welcome to the May 2022 issue of our monthly market update for Southern Nevada. In this issue we will be going over April 2022 numbers.
There were 3,001 single-family houses that sold in April, down 8.3% from March and down 14.9% from April 2021.
The Median home price in Southern Nevada sets another record high in April.
With that being said, the median sales price of previously owned single-family homes, went from $460,000 in March to $475,000 in April, a $15,000 increase; which is up 3.3% from March and up 26.7% from the prior year, putting the median price at a $100,000 increase from April 2021.
The median sales price of condos and townhomes also set another record high last month it went from $270,000 in March to $275,000 April; which is up 1.9% from March and up 35.8% from the prior year.
Last month the Luxury Market was on FIRE!! There were 197 homes that sold in April for $1 million and over, compared to March’s 173 homes, a 24 home increase.
The median sales price in the Luxury Market for April increased to $1,400,000 and in March that number was $1,360,000. A $40,000 increase in the median sales price.
So, for April we had a total of 3,667 new listings, which was up 4% from March, but down .9% from the prior year.
There were also a total number of 2,441 single-family houses listed without offers at the end of April, which is up 21.7% from March and up 33.6% from the prior year.
Which brings us to the housing supply in Southern Nevada, we increased to .8 months of inventory, which is up 32.7% from March and up 57.1% from the prior year.
87.2% of the closings for the month April was on the market 30 days or less, in March this number was at 82.8% and in April 2021, 81.5% of the homes were on the market 30 days or less.
The average rate on a 30-year home loan was 5.27% as of Thursday last week, up from 2.96% a year earlier, mortgage-finance giant Freddie Mac reported.
Mortgage rates are now at their highest point since 2009, according to Freddie Mac chief economist Sam Khater.
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