Well, are we seeing the beginning of a market turn in Las Vegas? It is time to think seriously about it. Las Vegas single family home sales in September were down 15.9% from September 2017 and down 21% from August. That is more than a seasonal drop, and sellers have to consider affordability for their prospective buyers.
With the Federal Reserve interest rate rise last week, we can expect mortgage rates to trend up slowly over the coming months to 5% and a little above. And please note the MEDIAN PRICE above for September: yes, it is right at $300,000, the highest median for Las Vegas single family homes since August 2007, up 12.8% from September 2017. So, following the Law of Supply and Demand, fewer homes are selling at a higher median price. To hammer that point a little further, sellers are beginning to get the message. In the past 7 days, price reductions on the Las Vegas Multiple Listing Service for Las Vegas Valley of CURRENT listings almost match NEW listings: 891 decreased prices and 914 new listings.
This reflects trends in California, as homes in southern and northern California have been slower to sell and prices are beginning to come down. Inventory here is up as well. The current number of homes available is the highest since November 2016. Keep in touch with our website www.SummitPropertiesVegas.com to follow the latest Las Vegas Real Estate news!