The Nevada Housing Market Update for September 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 – September 2019 – Summary of Findings
The Las Vegas metropolitan area saw the most robust growth in single-family home prices of any major region in Nevada as prices increased 4.5 percent year-over-year. Laughlin saw the next largest increase with a 4.2 percent year-over-year increase.
Within the Las Vegas metropolitan area, Southern Highlands saw the most robust growth in existing single-family home prices as prices increased 8.5 percent year-over-year. Boulder City prices saw the next largest increase with a 5.2 percent year-over-year increase. No area within the Las Vegas metropolitan area experienced a year-over-year decrease in single-family home prices.
The single-family time on the market continues to increase on a year-over-year basis for all of Southern Nevada. The Las Vegas area has seen eight 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 of Southern Nevada.
New single-family home prices decreased for the second consecutive month in Las Vegas. Year-over-year price appreciation on new single-family homes has slowed down for four consecutive months and was 1.3 percent year-over-year.
Average prices for existing condominiums decreased 2.1 percent year-over-year in the Las Vegas metropolitan area. Boulder City saw the largest increase in existing condominium prices of anywhere in the Las Vegas area as prices increased 20 percent year-over-year.
New Single-Family Homes
New single-family home prices saw a slight month-to-month decrease to $494,000. Year-over-year price appreciation on new single-family homes has slowed down for four consecutive months and was 1.3 percent year-over-year.
Price per square foot for new single-family homes saw a month-to-month increase. At $183 per square foot, prices were up less than one percent year-over-year.
New single-family home sales increased for the third consecutive month. Nonetheless, sales were still down 48 percent year-over-year.
Nevada Housing Market Update – September 2019 – Existing Single-Family Homes
Existing single-family home prices continue to see very little month-to-month change. Average prices were up 4.5 percent, or $15,000, year-over-year.
Price per square foot for single-family homes has seen almost no change since October 2018. At 3.7 percent, the price per square foot continues to see slightly more robust growth than the overall price.
The average days on the market for single-family homes increased slightly for the second consecutive month. Time on the market was up 21 percent, or 14 days, year-over-year. This represents the eighth consecutive month with a year-over-year increase.
Both existing condominiums and single-family homes saw a large month-to-month decrease in sales and were both down more than 15 percent year-over-year.
The average new listing price for single-family homes has been around $400,000 for the last five months. New listing prices have consistently increased by about 4 percent year-over-year during this time.
Existing Condominium Sales
Existing condominium prices were unchanged from the previous month but decreased slightly year-over-year. This was the second consecutive month where existing condominium prices decreased on a year-over-year basis.
Condominiums, at 83 days, spend 5 more days on the market than single-family homes.
Price per square foot for single-family REO sales decreased after five consecutive months with an increase. The overall price for REO sales decreased for the second consecutive month. Overall price for single-family REO sales is down 1.8 percent year-over-year, while price per square foot is up 1.6 percent.
REO sales decreased for the fourth consecutive month. REO sales were still up 20 percent year-over-year. This represents the sixth consecutive month with a year-over-year increase.
Top 5 Zip Codes in Average Existing Home Price
#1: 89135 at $736,700
#2: 89138 at $569,300
#3: 89052 at $524,400
#4: 89144 at $511,500
#5: 89044 at $452,000
Bottom 5 Zip Codes in Average Existing Home Price
#1: 89101 at $174,670
#2: 89030 at $179,300
#3: 89115 at $214,670
#4: 89106 at $215,000
#5: 89156 at $220,330
Top 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89106 at 19%
#2: 89109 at 19%
#3: 89144 at 14%
#4: 89148 at 13%
#5: 89030 at 11%
Bottom 5 Zip Codes in Average Existing Price Year Over Year Growth
#1: 89134 at -7%
#2: 89011 at -6%
#3: 89120 at -6%
#4: 89085 at -5%
#5: 89103 at -5%
To read the entire report for September 2019 please click on the link: Lied Institute Report – September 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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