Fewer homes are being sold in Las Vegas, even though there is more inventory on the market, according to the latest real estate report from local realtors. In May, 3,758 existing homes, condominiums and townhomes were sold, representing a decrease of 8.8% for homes and 6.6% for condominiums and townhomes compared to the same month last year. The average rate of a 30-year mortgage loan in May was 5.23%, up from 2.96% in the same month last year, according to Freddie Mac. The total number of homes currently for sale is 4,223, down from 4,537 last month and 6,605 homes available at this time last year. In the past two years, home values in Las Vegas have increased significantly due to low housing availability and high demand. However, July saw a more significant drop in the average price of housing compared to June and even more inventory in the market. This could be a sign that the market is shifting from a strong seller's market to a larger buyer's market. The domestic real estate market has already recovered faster than expected due to damage caused by the COVID-19 pandemic. Carson City's unemployment rate remained at 3.0 percent and the Las Vegas-Paradise rate remained stable at 5.0 percent. Las Vegas has experienced several booms in its history and experienced an incredible housing crash during the Great Recession. Considering that 6 months of inventory suggests a balanced market, Las Vegas is still a seller's market. If you need help buying or selling a home in the greater Las Vegas area, call or text (70) 718-3878 to speak with an experienced real estate agent in Las Vegas. If you need to sell your home in the Las Vegas area, call or text (70) 357-3354 to receive a free home value analysis. These are just a few of the highlights that make Las Vegas a great place to live and invest in real estate.
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