The Nevada Housing Market Update for June 2019 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas. LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.
Nevada Housing Market Update – June 2019 – Summary of Findings
- Las Vegas prices continue to increase about 4 percent year over year. Mesquite prices were nearly unchanged year over year. Laughlin saw the most robust growth of any major region in existing single-family home prices as prices increased 20.1 percent year over year.
- In the Las Vegas metropolitan area, Henderson saw the most robust price growth in existing single-family home prices as prices increased 9.8 percent year over year. Summerlin saw the next highest price growth as prices grew 8.4 percent year over year. Boulder City was the only area where prices decreased on a year over year basis (5.6 percent).
- All areas in the Las Vegas metropolitan area continue to experience year over year increases in time on the market. Boulder City homes spend the longest time on the market, on average, at 105 days. Summerlin homes spend the least amount of time on the market at 75 days.
- New single-family home prices in the Las Vegas metropolitan area increased after seeing three consecutive months with a decrease. Prices were still up 20 percent year over year and this was the lowest year over year increase since September 2018.
- Price per square foot saw for new single-family homes decreased for the fourth consecutive month. At $166 per square foot, prices were up 4 percent year over year. This was the lowest year over year increase since August 2017.
- Existing single-family home prices continue to see very little month-to-month change. Average existing home prices were up 4.1 percent, or $13,000, year over year.
- Price per square foot for existing single-family homes have been nearly unchanged since October 2018. At 6.4 percent, the price per square foot continues to see slightly more robust growth than overall price.
- Existing single-family home sales decreased after seeing three consecutive months with a decrease. Existing single-family home sales have decreased on a year over year basis for ten consecutive months.
- The single-family distress share saw a year over year decrease in all regions, except the Las Vegas area.
- Average prices for existing condominiums increased about 8 percent year over year in the Las Vegas area.
- Existing condominium price per square foot has been nearly unchanged at $168 since November 2018
- New condos took some time off from their spike as new condominium prices in the Las Vegas metropolitan area decreased after seeing five consecutive months of large increases. The price of new condominiums is still up 69 percent year over year.
- New condominium sales saw a slight month-to-month decrease for the second consecutive month. There were 15 new condominium sales during June 2019, a 57 percent year over year decrease.
- For the first time since December 2018, new condominium prices decreased on a month-to-month basis. The average price for a new condominium was $401,000, a 69 percent year over year increase.
To read the entire Nevada Housing Market Update for June 2019 please click on the link: Nevada Housing Market Update – June 2019
For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies
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