LAS VEGAS MARKET IS HOT IN THE SUMMERTIME

Las Vegas Is Jumping Not Only With Grasshoppers! 

Grasshopper drink with grasshopper on the rim prepared by bartender Sarah Contois at the Smashed Pig on Sunday, July 27, 2019, in Las Vegas. (L.E. Baskow/Las Vegas Review-Journal) @Left_Eye_Images

The real estate market is HOT!  And Nevada is #1 of the 10 fastest-growing states based on the data provided by the U.S. Census Bureau.

Las Vegas’ housing market had a bump in sales in July compared to June.

Buyers picked up 3,159 previously owned single-family houses in July, up 8.8 percent from June but down slightly — 0.8 percent — from July of 2018. 

The median sales price of those purchases was $303,000 last month, down 0.3 percent from June but up 4.5 percent from July 2018.

7,808 houses were on the market without offers at the end of July up 63.1 percent year-over-year, according to the GLVAR.

The trade group reports data from its listing service, which largely comprises previously owned homes. Single-family house sales make up the bulk of Las Vegas’ market.

“We’re running out of synonyms for stable,” GLVAR President Janet Carpenter, of Signature Real Estate Group, said in a statement. “Local home prices are appreciating, but at a more gradual rate than they have been in many years. As we’ve been saying for months, the local housing market hasn’t been this stable in nearly 20 years.”

Across the country home prices are mildly reaccelerating as a result of tight inventory conditions, especially at more affordable price points.

NAR's Chief Economist talks about the market across the county.

WASHINGTON (August 7, 2019) – Most metro areas saw price gains under marginal inventory growth in the second quarter of 2019, according to the latest quarterly report by the National Association of Realtors®.

Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas¹ showing sales price gains. That is up from the 86% share in the first quarter of 2019. The national median existing single-family home price in the second quarter was $279,600, up 4.3% from the second quarter of 2018 ($268,000).

Lawrence Yun, NAR chief economist, said home builders must bring more homes to the market. “New home construction is greatly needed, however home construction fell in the first half of the year,” he said. “This leads to continuing tight inventory conditions, especially at more affordable price points. Home prices are mildly reaccelerating as a result.”

Notable Takeaways

The five most expensive housing markets in the second quarter were the San Jose-Sunnyvale-Santa Clara, Calif., metro area, where the median existing single-family price was $1,330,000; San Francisco-Oakland-Hayward, Calif., $1,050,000; Anaheim-Santa Ana-Irvine, Calif., $835,000; Urban Honolulu, Hawaii $785,500; and San Diego-Carlsbad, Calif., $655,000.

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Second Quarter Affordability Declines

National family median income is estimated to have risen to $78,366² in the second quarter, but greater home price growth contributed to an overall decrease in affordability from last quarter.

A buyer making a 5% down payment would need an income of $62,192 to purchase a single-family home at the national median price, while a 10% down payment would necessitate an income of $58,918, and $52,372 would be required for a 20% down payment.

In the most expensive metro areas in the West, families seeking to avoid paying no more than 25% on mortgage payments saw steep requirements for median household income. San Jose home buyers would need $295,832, while buyers in San Francisco would need $233,552.

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