To reverse a recent decline in sales, home seekers in southern Nevada saw an increase in the number of properties last month as prices hit all-time highs again.
According to a new report from the Las Vegas Realtors trade association, which pulls data from its resale, a total of 3,543 single-family homes – most of the market – traded 11.1 percent from May and 43.8 percent from June 2020-heavy listing service .
Last month’s average home sales price was a record $ 395,000, up 2.6 percent or $ 10,000 from its previous all-time high in May.
It’s also up 21.5 percent – a huge jump in price – from last June.
The inventory in southern Nevada remains low but has increased significantly from month to month, with 2,454 un-listing homes on the market at the end of June, 20.8 percent more than May but 51.7 percent less than a year ago, the reported Association.
At the local and national levels, the heated property market showed some signs of cooling during the normally busy spring buying season. In southern Nevada, sales declined for two months in a row, customer traffic to the residential subdivisions declined, and the number of available listings increased.
But homes are still selling fast, prices continue to hit record highs, and if the latest report is any indication, the recent slump in sales may have been short-lived.
According to a press release, Aldo Martinez, president of Las Vegas Realtors, does not see the market in southern Nevada “slowing down, as some sources have suggested, despite seeing the impact of rising prices on potential buyers.”
House prices “are starting to exceed what many citizens of this community can afford, and any sign of slowdown, other than a seasonal adjustment, is likely to be attributed to the fact that not so many buyers can or can afford a home at these prices have the necessary money ”. due to delayed reviews out of the pocket, “Martinez said in the press release.
He also stated that the number of people who are forced to rent because they cannot buy at current prices “is the main reason that so many more investors jumped into our market earlier this year. They foresaw a healthy rental market in the future, and it is getting closer. “
Overall, the Las Vegas housing market has accelerated in recent months with rapid sales and soaring prices, largely thanks to the lowest mortgage rates that have allowed buyers to stretch their budgets and despite the huge job losses caused by the coronavirus pandemic.
People have showered homes with offers and routinely paid above asking price, builders have put buyers on waiting lists, and prices have never been higher.
According to LVR, 88.6 percent of single-family homes sold in June had been on the market for 30 days or less, up from 64.4 percent of home sales in January.
Still, Las Vegas hasn’t been the only market the real estate sector has been in some way putting on the brakes recently.
Nationwide, home builders’ sales pace fell 5.9 percent in May from April, to its lowest level in a year, and previously owned home sales fell for the fourth straight month in May, recent reports show.
The withdrawal came amid rising prices, but also as the economy continued to reopen due to coronavirus restrictions.
“The real estate market was going 100 miles an hour and now it’s down to 80,” listing site Redfin ‘s chief economist Daryl Fairweather said in a report in early June, adding that this was not a bursting bubble.
“Rather, it is a sign that consumers are more likely to spend their time and money on other things than housing, now that travel, dining and entertainment are all happening again,” said Fairweather.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
