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Supply Is Increasing, but Prices Aren’t Falling in This Overheated Metro

Housing Markets

Supply Is Increasing, but Prices Aren’t Falling in This Overheated Metro

While some housing markets are posting price declines in a nationwide correction, cities such as Las Vegas are seeing slow sales and inflated housing costs, even as inventory rises

June 7, 2023
Las Vegas housing market aerial view
Image: Flavio / stock.adobe.com

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.

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