The Nevada Housing Market Update for November 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 – November 2019 – Summary of Findings
Laughlin saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 13.8 percent year over year. Prices increased 5.0 percent year over year in the Las Vegas metropolitan area. Prices were down 3.1 percent in Mesquite.
Within the Las Vegas metropolitan area, Boulder City saw the most robust growth in existing single-family home prices as prices increased 28.9 percent year over year. Henderson prices saw the next largest increase with a 9.5 percent year over year increase. Summerlin was the only area that saw a year over year decrease in home prices (3.5 percent).
Laughlin was the only area that saw a year over year decrease in time on the market. Single-family homes spend about 80 days on the market in all regions of Nevada.
The Las Vegas metropolitan area saw a year over year decrease in the distress share of more than 2.0 percentage points. Laughlin saw a large month-to-month increase in the distress share of more than 9.0 percentage points.
New single-family home listings in the Las Vegas metropolitan area were down 6.6 percent on a year over year basis.
Average prices for existing condominiums increased 6.9 percent year over year in the Las Vegas metropolitan area. North Las Vegas and Boulder City both saw increases in existing condominium prices at 11 percent, the largest increases of anywhere in the Las Vegas metropolitan area.
Nevada Housing Market Update – New Single-Family Homes and Condos
New single-family home prices saw a month-to-month increase to $524,000. Year over year price appreciation on new single-family homes continues to slow down and November 2019 prices were unchanged from November 2018 prices.
Price per square foot for new single-family homes decreased on a year over year basis for the second consecutive month. November 2019 prices were down 5.1 percent year over year, the largest year over year decrease since March 2012.
New condominium prices have increased more than 10 percent year over year for ten consecutive months. Prices were up over 25 percent year over year the last two months.
Nevada Housing Market Update – November 2019 – Existing Single-Family Homes and Condos
Existing single-family home prices have seen very small month-to-month increases for seven consecutive months. Average prices were up 5.0 percent, or $17,000, year over year.
Price per square foot for single-family homes has seen almost no change for the last year. Price per square foot was up 2.0 percent, or $4, year over year.
Existing condominium prices saw similar year over year increases as single-family homes in both overall price and price per square foot.
The price per square foot for single-family REO sales increased after two consecutive months with decreases.
The overall prices for REO sales saw a large increase after three consecutive months with decreases. The overall prices for single-family REO sales increased 7.7 percent year over year in November 2019, the largest year over year increase since February 2019.
REO sales decreased for the sixth consecutive month. REO sales were down 7 percent year over year. This represents the first year over year decrease since March 2019.
Top 5 Zip Codes in Average Existing Home Price
#1: 89135 at $637,100
#2: 89138 at $566,800
#3: 89052 at $554,000
#4: 89144 at $521,500
#5: 89012 at $516,500
Bottom 5 Zip Codes in Average Existing Home Price
#1: 89030 at $163,330
#2: 89101 at $165,000
#3: 89115 at $207,670
#4: 89106 at $208,970
#5: 89104 at $215,670
Top 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89005 at 26%
#2: 89118 at 24%
#3: 89106 at 15%
#4: 89144 at 15%
#5: 89015 at 13%
Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89135 at -14%
#2: 89107 at -9%
#3: 89085 at -8%
#4: 89179 at -8%
#5: 89134 at -7%
To read the entire report for November 2019 please click on the link: Lied Institute Report – November 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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