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