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Nevada Housing Market Update - July 2020 - LasVegasRealEstate.com

Nevada Housing Market Update July 2020

Nevada Housing Market Update – July 2020

The Nevada Housing Market Update – July 2020 has just been published by The Lied Center for Real Estate 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 2020 – Summary of Findings

For the second month in a row, Laughlin saw the most robust growth in single-family home prices of any major region in Nevada this month as prices increased 8.9 percent year over year. Mesquite saw the next largest increase as prices increased about 7.5 percent year over year. The Las Vegas metropolitan area saw an increase of 2.9 percent year over year.

Within the Las Vegas metropolitan area, Summerlin saw the most robust growth in existing single-family home prices as prices increased 12.8 percent year over year. Boulder City and Southern Highlands both saw year over year decreases in price as prices decreased 3.7 percent and 6.8 percent, respectively.

Existing single-family home sales saw large month-to-month increases, but were down about 30 percent year over year in all regions of Nevada.

Average time on the market has seen little change in the Las Vegas metropolitan area. Single-family homes and condominiums all spend about 75 days on the market in the Las Vegas metropolitan area.

Average new listing prices saw large month-to-month increases and reached record values in the Las Vegas metropolitan area.

Existing condominium prices increased by 2.1 percent year over year in the Las Vegas metropolitan area. Existing condominium sales were down more than 30 percent year over year in the Las Vegas metropolitan area.

Nevada Housing Market Update – July 2020 –  New Single-Family Homes and Condos

Price per square foot for new single-family homes has seen almost no month-to-month or year over year change for six consecutive months.

Overall price was unchanged from the previous month and up 3.7 percent year over year. July 2020 was the first time new single-family home prices increased on a year over year basis for two consecutive months since July 2019.

New condominium sales were down 70 percent year over year for the fourth consecutive month. New single-family home sales were down 35 percent year over year.

New condominium prices increased by more than $10,000 on a month-to-month basis for the last two months. Nonetheless, prices have decreased on a year over year basis for four consecutive months.

Nevada Housing Market Update – July 2020 – Existing Single-Family Homes and Condos

Average Existing Home Prices for July 2020 - LasVegasRealEstate.com
Average Existing Home Prices for July 2020 – LasVegasRealEstate.com

Average existing single-family home prices increased $5,000 from the previous month. This was the largest month-to-month increase since October 2018. Average existing prices have increased by less than 3 percent year over year for eight consecutive months.

Existing single-family sales increased on a month-to-month basis for the first time in a year. Nonetheless, sales were down nearly 40 percent year over year.

Price and sales trends for existing condominiums were very similar to that of single-family homes. Existing condominium prices were up just slightly year over year and sales were down 43 percent year over year.

Nevada Housing Market Update – July 2020 –  REO

Single-family REO price per square foot, at $159, has seen little change for five consecutive months. Overall price for single-family REO sales has increased for four consecutive months.

REO sales decreased for the fifth consecutive month and saw a large 50 percent year over year decrease for the fourth consecutive month. REO sales were lower than their prerecession value.

Average Days on Market

Average time on the market has seen little month-to-month change for both condominiums and single-family homes since March 2020.

Top 5 Zip Codes in Average Existing Home Price

#1: 89135 at $813,300

#2: 89138 at $606,300

#3: 89144 at $551,700

#4: 89052 at $545,300

#5: 89012 at $512,300

Bottom 5 Zip Codes in Average Existing Home Price

#1: 89101 at $182,230

#2: 89030 at $185,930

#3: 89106 at $203,730

#4: 89115 at $228,670

#5: 89104 at $234,570

Top 5 Zip Codes in Average Existing Price Year Over Year Growth

#1: 89145 at 38%

#2: 89011 at 14%

#3: 89015 at 12%

#4: 89144 at 11%

#5: 89086 at 11%

Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth

#1: 89118 at -10%

#2: 89141 at -7%

#3: 89005 at -6%

#4: 89183 at -4%

#5: 89030 at -4%

To read the entire report for July 2020, please click on the link: Lied Center for Real Estate Full Report
For more information on The Lied Center for Real Estate at UNLV please click the link: Lied Center for Real Estate

Thank you for reading our post, “Nevada Housing Market Update – July 2020.”  For more Las Vegas real estate market news, information on homes for sale, information on commercial real estate for sale, or general real estate information, please visit our website www.lasvegasrealestate.com or come see us on Facebook.

 

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