Closed sales were down significantly year-over-year in May after 30-year, fixed mortgage rates hovered in the 6% to 6.5% range during March and April, but a few regional markets still posted strong gains. Active inventory posted a steady 11.9% monthly increase in the Northwest, where the median sale price fell 6.8% year-over-year in May.
In metros such as Las Vegas, however, prices are still rising on an annual basis, and sales are also slowing considerably despite a 4.6% year-over-year gain in active inventory, Bill McBride reports in the CalculatedRisk Newsletter.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during May was $442,120. That’s up 2.8% from $430,000 in April, but down 8.3% from the all-time record home price of $482,000 set in May of 2022 …
Meanwhile, fewer homes are changing hands compared to last year. LVR reported a total of 3,000 existing local homes, condos and townhomes sold in May. Compared to May 2022, sales were down 20.3% for homes and down 19.6% for condos and townhomes.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners