Las Vegas Real Estate Market Update November 2022

Las Vegas Real Estate Market Update – November 2022

Las Vegas Real Estate Market Update – November 2022. Welcome to the November 2022 issue of our monthly market update for Southern Nevada. In this issue we will be going over October 2022 numbers.

Southern Nevada house hunters face the highest mortgage rates in 20 years as the market grapples with a continued run-up in borrowing costs. The average rate on a 30-year home loan was 7.08% as of last week, up from 6.94% the week before and 3.14% a year ago, mortgage buyer Freddie Mac reported.

Market Trends

There were 1,724 single-family houses that sold in October, down 15.1% from September and down 44% from October 2021.

The median sales price of previously owned single-family homes, went from $450,000 to $440,000, down 2.2% from September, but still 7.3% from the prior year.

In January 2022, the median price of previously owned single-family homes was at $435,000.
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.

The median sales price of condos and townhomes went from $270,000 in September to $266,000 in October, a $4,000 decrease in median price; which is down 1.5% from September, but up 12.7% from the prior year.

In October 2021, the median price of condos and townhomes was at $236,000.
In October 2020, the median price of condos and townhomes was at $186,500.

Luxury Market

There were 97 homes that sold in October for $1 million and over, compared to September’s 97 homes, so we were flat.

The median sales price in the Luxury Market for October increased to $1,530,000 and in September that number was $1,277,383. Almost $252,617 increase in the median sales price.

Market Trends

So, for October we had a total of 2,883 new listings, which is down 14.6% from September and down 19.1% from the prior year.

In October 2021, there were 3,564 new listings on the market. Which is a lot more listings last year than this year.

There were also a total number of 7,906 single-family houses listed without offers at the end of October, (In September that number was 8,121) which is down 2.6% from September, but up 140.5% from the prior year.

Market Trends

Which brings us to the housing supply in Southern Nevada, there are 4.6 months of inventory on the market, which is up 14.6% from September and up 329.3% from the prior year.   

Last October 2021, the housing supply was at 1.1 months.

53.7% of the closings for the month October was on the market 30 days or less, in September this number was at 56.8% and in October 2021 79.9% of the homes were on the market 30 days or less.

NEW BUILDER INCENTIVES – NOVEMBER 2022

Builders’ land buying activity had also “basically decreased to zero as they wait and see where things end up going into the end of the year.

Toll Brothers 
Toll Brothers is having their FALL SAVINGS EVENT from now until Dec. 4. Get up to 3% Credit at Closing on In-progress Homes and 50% Off up to $100,000 in Options on To-be-Built Homes. No other mention on rate buy-downs or lower interest rates, like some of the other builders.

Taylor Morrison 
The best savings of fall are here when you buy an eligible home now through November 30 with Taylor Morrison. Take advantage of a lower rate for the first two years when you work with their affiliated lender, Taylor Morrison Home Funding.

For a limited time, secure a 5.99% 30-year fixed rate plus enjoy lower payments for two years so you can buy confidently today. Lock in first year interest at 3.99%, second year 4.99%, and 3-30 years 5.99%.

Lower prices have arrived! Save up to $40,000 on the advertised price of select eligible homes.

Pulte 
Limited time year-end SAVINGS! Pulte is offering 4.99% interest rate on a 30-year fixed loan, on select quick move-in homes, must close by 11/30/22 and you have to use Pulte Mortgage and put 20% down.

They are also offering up to 6% towards closing costs, part of that 6% is used to have a 4.99% interest rate, and the remaining is used towards closing cost, only on their quick move-in homes when you use their in-house lender. They have a lot of quick move-in homes that they need to unload by the end of the year.

Century Communities 
Century Communities is having their 20th Anniversary Sale with Limited-Time Special Financing. They are offer 1% off for 1 Year. Must close on their quick move-in homes on or before 12/30/22 to take advantage of these savings.

Lock in an incredible 4.75% interest rate for the first year on a 30-year FHA or VA loan when financing with Inspire Home Loans. Then 5.75% interest rate for years 2-30, with a 3.5% down payment is required and your credit score has to be 640 or higher!

Lock in an incredible 5.125% interest rate for the first year on a 30-year Conventional Loan when financing with Inspire Home Loans. Then 6.125% interest rate for years 2-30 with 10% down and your credit score has to be 720 or higher.

Need to close on or before 11/30/2022.

Lennar Homes
Offers are limited to select move-in ready homes and require financing through Lennar Mortgage, LLC. From what I have noticed after selling a handful of Lennar Homes recently; is that they are offering a total of 6% towards closing costs if you use their in-house lender. That 6% is used towards buying down the rate and the remaining percentage is used towards closing costs.

Lennar is also reducing their prices in a lot of these quick move-in homes, on top of taking advantage of the 6% savings.

Richmond American Homes 
For homes that close by 12/23/22, enjoy a:
500% (6.545% APR) 30-year FHA fixed rate*
500% (5.810% APR) 30-year VA fixed rate**
875% (6.482% APR) 30-year Conventional fixed rate***
OR 5.500% (6.329% APR) Conventional 7/6 ARM financing

This is for their quick move-in homes and you have to use their in-house lender.

Tri Pointe Homes 
Tri Pointe Homes is having the HOW ABOUT NOW EVENT. During the How About Now Event take advantage of limited-time 5.625% interest rate, as well as other benefits on a home you can live in now.

The Tri Pointe Homes® Design Consultants have carefully selected all the finishes on these under construction and move-in ready homes so your beautiful dream home awaits.

Tri Pointe Communities Offering INCENTIVES:
Capri – Henderson
Arden – Henderson
Azure Park – NLV

ROB & ANG BETS
MEDIAN SALES PRICE
Rob said $8,000 decrease
Ang said $5,000 decrease
Actual #10,000
Rob is the clear WINNER!

WITHOUT OFFERS
Rob said 8,500
Ang said 8,600
Actual # 7,906
Rob won this one!

MONTHS OF SUPPLY
Rob said 4.8 months
Ang said 4.5 months
Actual # 4.6 months
Ang won this one!

Las Vegas Realtors Report: https://bit.ly/3UgklRv

Market Update – October 2022

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