The latest Housing Market Update from the most recent data, April 2019, for the Greater Las Vegas Area.
From March 2019 to April 2019, sales activity within the Southern Nevada resale home market continued to ramp up with overall closings increasing 11.2 percent from the previous month to a total of 3,625. Although sales increased at a respectable clip in the latest period, closing volumes were up a more modest 1.4 percent compared to the pace of sales reported one year ago. A total of 2,872 single family units were sold during April 2019, as median prices remained at the post-recession high of $300,000 for the second consecutive month (+3.8 percent on the year). The number of detached units available increased to 7,435 units, equating to 2.6 months of effective inventory. Performance within the condominium/townhouse segment was similar with total closings increasing to 753 units and median prices rising to $170,000 (+9.7 percent on the year). At the end of the month, the number of attached units available for purchase rose to 1,826 and equated to effective inventory of 2.4 months. Overall effective inventory in the resale market has steadily decreased each month from 3.9 months in January 2019 to 2.6 months in April 2019. This trend, if it continues, should provide stability in prices. Additionally, recent declines in mortgage interest rates have likely helped move potential buyers off the sidelines.