Las Vegas Real Estate Trends and Area Housing Market Report for July 2016
“The local housing market is having a pretty solid summer so far,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “Home prices have been going up gradually. And although we sold fewer homes and condos in July than we did during the previous month and year, sales have been running ahead of last year’s pace. Our tight inventory might finally be slowing down our sales pace. Sales slipped the most during July for lower-priced homes. This suggests it’s getting harder for entry-level buyers to find the homes they want.”
The medium price for Single Family Homes for July 2016 was $236,000 up 0.4 percent from June 2016 medium price of of $235,000 and up 8.3 percent from July 2015, which was $218,000. Sales decreased for July 2016, the sales volume for Single Family Homes for June was 2,837, down 12.7 percent from June 2016 sales volume of 3,248 and down 10.8 percent from July 2015 sales volume of 3,180.
GLVAR reported that the total number of sales for existing single family homes and condos/townhomes for July was 3,447 down from 3,815 total sales in July 2016
The effective months of inventory for July 2016 was 2.6 months, up 18.4 percent from June 2016 which was 2.2 months and up 7.7 percent from a year ago which was 2.4 months. A six month supply of homes would be considered a balanced market. So, we are still in a sellers market.
Effective months of inventory.
The medium price for Condominiums and Townhomes for July 2016 was $115,000 the same as June 2016 medium price of $115,000 and unchanged from June 2015 which was $115,000. Sales volume for Condo/Townhomes for July 2016 was 610 down 14.0 percent from June 2016 of 709 and down 3.9 percent from a year ago which was 635.
The effective months of inventory for July 2016 was 2.0 months up 6.1 percent from June 2016 which was 1.9 months and down 45.6 percent from a year ago which was 3.7 months.
Distressed home sale – Short Sales for July 2016 was 5.7 percent of sales that’s down from 7.1 percent from July of last year. Bank Owned home sales for July 2016 was 5.9 percent of sales that’s down from 7.7 percent from a year ago.
Short Sales may still be attractive option for homeowners, because Congress again voted in late December to extend the Mortgage Forgiveness Debt Relief Act of 2007, of which the National Association of Realtors advocated.
Cash sales were 25.8 percent of all sales for July 2016, that’s down from 27.1 percent from a year ago. Suggesting that cash buyers and investors are still active in the Las Vegas area market but, becoming less influential.
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