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

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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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