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Nevada Housing Market Update – October 2019

The Nevada Housing Market Update for October 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 – October 2019 – Summary of Findings

Laughlin saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 11.1 percent year-over-year. The Las Vegas metropolitan area saw the next largest increase with a 3.7 percent year-over-year increase.

Within the Las Vegas metropolitan area, Henderson saw the most robust growth in existing single-family home prices as prices increased 7.1 percent year-over-year. Boulder City prices saw the next largest increase with a 6.8 percent year-over-year increase. Summerlin was the only area that saw a year-over-year decrease in home prices (1.7 percent).

The Las Vegas area has seen nine consecutive months with a year-over-year increase in time spent on the market.

The single-family distress share was down year-over-year in all major regions. The Las Vegas metropolitan area saw a year-over-year decrease in the distress share greater than 1 percentage point.

New single-family home listings in the Las Vegas metropolitan area were down on a year-over-year basis for this first time since July 2018. Average prices for existing condominiums increased 2.1 percent year-over-year in the Las Vegas metropolitan area. Summerlin saw the largest increase in existing condominium prices of anywhere in the Las Vegas area as prices increased 33 percent year-over-year.

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

New single-family home prices saw a month-to-month increase to $514,000. Year-over-year price appreciation on new single-family homes continues to slow down and October 2019 prices were
unchanged from October 2018 prices.

Price per square foot for new single-family homes saw a slight month-to-month increase. At $185 per square foot, prices were down one percent year-over-year.

New single-family home sales decreased after three consecutive months with an increase.

New condominium prices have increased by more than 10 percent year-over-year for nine consecutive months.

Nevada Housing Market Update – October 2019 – Existing Single-Family Homes and Condos

Existing single-family home prices have seen very small month-to-month increases for six consecutive months. Average prices were up 3.7 percent, or $13,000, year-over-year.

Price per square foot for single-family homes has seen almost no change for the last year.

Both existing condominiums and single-family homes saw a large month-to-month decrease in sales and were both down more than 12 percent year-over-year.

Existing condominium prices increased slightly from the previous month and were up 2 percent year-over-year. Price per square foot increased slightly from the previous month but was down 2 percent year-over-year.

REO

Price per square foot for single-family REO sales decreased for the second consecutive month.

Overall, prices for REO sales decreased for the third consecutive month. Overall price for single-family REO sales is up 1.4 percent year-over-year while price per square foot is up less than 1 percent.

REO sales decreased for the fifth consecutive month. REO sales were still up 11 percent year-over-year. This represents the seventh consecutive month with a year-over-year increase.

Top 5 Zip Codes in Average Existing Home Price

#1: 89135 at $661,800

#2: 89138 at $570,000

#3: 89052 at $568,500

#4: 89144 at $517,200

#5: 89012 at $453,800

Bottom 5 Zip Codes in Average Existing Home Price

#1: 89101 at $168,900

#2: 89030 at $173,330

#3: 89115 at $203,000

#4: 89106 at $213,670

#5: 89104 at $217,330

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

#1: 89118 at 27%

#2: 89106 at 20%

#3: 89144 at 19%

#4: 89052 at 18%

#5: 89014 at 12%

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

#1: 89085 at -11%

#2: 89120 at -10%

#3: 89139 at -6%

#4: 89032 at -4%

#5: 89131 at -4%

To read the entire report for October 2019 please click on the link: Lied Institute Report – October 2019
For more information on The Lied Institute for Real Estate Studies at UNLV please click the link: Lied Institute for Real Estate Studies

Thank you for reading our post, “Nevada Housing Market Update – October 2019.”  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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