LAS VEGAS SINGLE FAMILY HOME SALES INCH UP IN PRICE, SLIDE IN NUMBER IN JULY
As the median price continues to inch upward, buyers may be hitting their ceiling. While the median price in July rose $1,000 to $236,000, the number of sales slid a little over 9% compared to last month. Other indications of a sales slowdown are a reduction in the number of open escrows (down 3%) and an increase in available inventory. The supply of affordable housing may be drying up. Investors are reluctant to sell because rents have risen sharply this year.
Interest rates remain low, so, sellers, this is still a great time to put your house on the market. We still are nowhere near the "stable" market of 6-month supply.