Nevada Housing Market Update – June 2020 – Summary of Findings

Laughlin, which saw a year over year decrease in single-family home prices last month, saw the most robust growth in single-family home prices of any major region in Nevada this month as prices increased 6.1 percent year over year. Mesquite saw the next largest increase with a 5.8 percent year over year increase. The Las Vegas metropolitan area saw an increase of about 2 percent year over year.

Within the Las Vegas metropolitan area, North Las Vegas saw the most robust growth in existing single-family home prices as prices increased 4.5 percent year over year. No area within the Las Vegas metropolitan area saw a year over year decrease in single-family home prices.

Existing single-family home sales were down about 40 percent year over year in all regions of Nevada.

The share of homes sold under distress in the Las Vegas metropolitan area was the lowest it had been since prior to the great recession.

New single-family listings typically peak each year in June. As a result, all regions in Nevada saw month-to-month increases in single-family home listings. On a year over year basis, new single-family home listings were down about 30 percent in all regions.

The average new listing price for single-family homes reached near-record values for Mesquite and the Las Vegas metropolitan area.

Existing condominium prices decreased by 4.5 percent year over year in the Las Vegas metropolitan area.

Existing condominium sales were down more than 40 percent year over year in the Las Vegas metropolitan area.

Nevada Housing Market Update – June 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 five consecutive months.

Overall price continues to see more robust growth than price per square foot as overall price was up 4.5 percent year over year.

New condominium sales were down 70 percent year over year for the third consecutive month. New single-family home sales were down 20 percent year over year.

New condominium prices have seen little month-to-month change for three consecutive months, but have decreased by more than 10 percent year over year the last three months.

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

Existing single-family home prices continue to see almost no month-to-month change. Average existing prices have increased by less than 2 percent year over year for seven consecutive months.

Existing single-family sales saw another large month-to-month decrease and were down nearly 50 percent year over year. This was the largest year over year decrease in existing home sales since July 2008.

Overall price and price per square foot for existing condominiums decreased slightly from the previous month and were down 4 percent year over year.

Nevada Housing Market Update – June 2020 –  REO

Single-family REO price per square foot, at $157, has seen little change for four consecutive months. Overall price for single-family REO sales has increased for three consecutive months.

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

The share of single-family homes sold under distress, at 3.8 percent, was the lowest it had been since 2006.

Average Days on Market

Average time on the market has seen little month-to-month change for both condominiums and single-family homes. Single-family homes spent an average of 73 days on the market while condominiums spent an average of 81 days on the market.

Top 5 Zip Codes in Average Existing Home Price

#1: 89135 at $745,500

#2: 89144 at $679,000

#3: 89138 at $589,500

#4: 89012 at $552,400

#5: 89145 at $515,900

Bottom 5 Zip Codes in Average Existing Home Price

#1: 89101 at $176,730

#2: 89030 at $196,330

#3: 89106 at $212,570

#4: 89115 at $229,000

#5: 89104 at $238,730

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

#1: 89145 at 54%

#2: 89144 at 42%

#3: 89012 at 16%

#4: 89106 at 15%

#5: 89011 at 13%

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

#1: 89052 at -9%

#2: 89102 at -9%

#3: 89134 at -6%

#4: 89141 at -3%

#5: 89074 at -3%

To read the entire report for June 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

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