The Nevada Housing Market Update for July 2019 has just been published by The Lied Institute for Real Estate Studies at The University of Nevada Las Vegas. LasVegasRealEstate.com is pleased to offer the report summary here as well as a link to the entire report.
Nevada Housing Market Update – July 2019 – Summary of Findings
Las Vegas prices continue to increase about 4 percent year over year.
Within the Las Vegas metropolitan area, Summerlin saw the most robust price growth in existing single-family home prices as prices increased 8.0 percent year over year. Henderson, which had the highest growth in June 2019, saw the next highest price growth as prices grew 7.3 percent year over year. North Las Vegas saw the lowest year over year price growth with a 2.6 percent year over year increase.
All major regions in Nevada continue to see an increase in time on the market. Laughlin homes spent the longest time on the market at 109 days, a 5 percent year over year increase. The Las Vegas metropolitan area had an average time on the market of about 75 days. Within the Las Vegas area, Boulder City homes spend the most time on the market at 99 days.
The single-family distress share decreased on a month-to-month basis in the Las Vegas area which has seen five consecutive months with a decrease in the distress share. Nonetheless, the Las Vegas distress share has been up on a year over year basis for ten consecutive months.
Average prices for existing condominiums increased 1.5 percent in the Las Vegas metropolitan area. North Las Vegas saw the largest increase in existing condominium prices of anywhere in the Las Vegas area as prices increased 11 percent year over year.
| Las Vegas Metropolitan Area | Home Type | August 2019 | Year over Year % Growth |
|---|---|---|---|
| Average New Home Price | Condo Single Family Home | $373,000 $642,230 | 14.18% 27.09% |
| Average Existing Home Price | Condo Single Family Home | $314,770 $481,670 | 1.43% .63% |
| Average Days on Market | Condo Single Family Home | 80 73 | 25% 9% |
Single-Family Homes
New single-family home prices saw a large month-to-month increase to $517,000. Year over year price appreciation on new single-family homes has slowed down for two consecutive months and was 16.6 percent year over year. Year over year price appreciation was at about 30 percent at the start of 2019. Price per square foot saw for new single-family homes saw a large increase after seeing four consecutive months with a decrease. At $177 per square foot, prices were up 4 percent year over year for the second consecutive month.
Existing single-family home prices continue to see very little month-to-month change. Average existing home prices, at $350,000, were the highest they had been since October 2007.
Price per square foot for single-family homes have been nearly unchanged since October 2018. At 5.2 percent, the price per square foot continues to see slightly more robust growth than overall price.
Condominiums
For the second consecutive month, new condominium prices saw a large month-to-month decrease. Year over year price appreciation for new condominiums, which was over 80 percent two months ago, was only 13 percent in July 2019.
Existing condominium prices decreased $10,000 from the previous month. Average prices were below $200,000 for the first time since July 2018.
Top 5 Zip Codes in Average Existing Home Price
#1: 89135 at $669,200
#2: 89138 at $585,000
#3: 89052 at $522,700
#4: 89144 at $505,000
#5: 89012 at $457,300
Bottom 5 Zip Codes in Average Existing Home Price
#1: 89431 at $173,000
#2: 89433 at $180,000
#3: 89512 at $190,670
#4: 89506 at $207,000
#5: 89508 at $227,670
Top 5 Zip Codes in Average Exiting Price Year over Year Growth
#1: 89086 at 15%
#2: 89002 at 14%
#3: 89106 at 12%
#4: 89101 at 12%
#5: 89169 at 11%
Bottom 5 Zip Codes in Average Existing Price Year over Year Growth
#1: 89146 at -7%
#2: 89119 at -3%
#3: 89143 at -3%
#4: 89014 at -3%
#5: 89118 at -3%
To read the entire Nevada Housing Market Update for July 2019 please click on the link: Nevada Housing Market Update – July 2019
For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies
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