Market Update November 2019. Welcome to the November issue of my monthly market update for Southern Nevada. In this issue I will be going over October 2019 numbers.
Las Vegas house sales rose last month from September amid slipping prices, putting the market further out of reach from its pre-recession record, a new report shows.
According to the Greater Las Vegas Association of Realtors, there were 2,899 single-family houses that sold in October, up 5.4% from September, and up 7.9% from October 2018.
The median sales price of previously owned single-family homes dropped to $307,000 from $310,000 last month, down 1% from September and up 4.1% from the prior year.
Southern Nevada also had a total of 3,544 new listings for the month of October, up .6% from September, and down 7.9% from the prior year.
However, there were a total number of 7,210 single-family houses listed without offers at the end of October, down 1.7% from September and up 4.2% from the prior year.
There is a 2.5 months housing supply in Southern Nevada, down 6.7% from September and down 3.5% from prior year.
So, what does “Months of Supply” mean? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. …
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers.
Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers. We are still in a sellers-market, but it is not as strong as it was from a year ago.
52.6% of the closings for the month of October was on the market 30 days or less, in September this number was at 53.9% and in October 2018, 65.4% of the homes were on the market 30 days or less.
Las Vegas’ housing market has slowed this year after a heated run in 2018, which sparked affordability concerns.
Prices aren’t growing nearly as fast, builders have closed fewer sales, and the once-shrunken tally of available listings has shot back up.
However, the slower price growth bodes well for buyers, as does the drop in interest rates from last year’s levels. But the interest rates are not going to stay this low and I have noticed it creeping back up.
So, if you plan on buying, as I have been saying for the last month or so, now is the time to buy.
Nationally, the average rate on a 30-year home loan was 3.69% last month, up from 3.61% in September but down from 4.83% in October 2018, according to mortgage-finance giant Freddie Mac.
Amid the shifts, sales activity has picked up lately in Southern Nevada, including for new construction. But resale prices are still below their bubble-era peak reached more than a decade ago.
If you would like to download the full report provided by the Greater Las Vegas Association of Realtors, CLICK HERE!
Well, I hope you have enjoyed my monthly market update for November 2019.
Also, if you are thinking about buying or selling in the Las Vegas Valley, I have provided a link to a form to fill out (CLICK HERE) or you can call me at 702-370-5112.
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Angela O’Hare, Realtor
The O’Hare Team
Home Realty Center