Las Vegas Valley October Statistics
Single family homes median price $307,000.
Condo median price $171,250.
Single family home sales were 2,899.
Condo sales were 672.
Homes stayed on the market under 30 days.
In Las Vegas the median existing-home price was $239,000 for combined homes. Combined home and condo sales were 3,571.
Sales rose in September from 3,430 to 3,571 in October for a 4% increase.
October’s price increase marks 92 straight months of year-over-year gains.
Across The Nation
Existing-home sales rose 1.9% from September to 5,460,000 in October
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First-time home buyers were 31% of the October sales. The annual first-time home buyers are 33% of the 2019 market.
Cash sales accounted for 19% up from 17% in September.
Individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in October 2019.
50% of the homes sold were on the market less than 36 days.
46% of the 50% sold in October were on the market for less than 31 days.
The total housing inventory at the end of October fell from 1.82M homes to 1.77M homes.
That means there is only a 3.9 month supply of available inventory. A normal market is gauged at a 6 month supply.
Active listings increased by 14% in Las Vegas-Henderson area from last year.
Lawrence Yun, NAR’s chief economist, said this sales increase is encouraging and he expects added growth in the coming months.
“Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
The median existing-home price for all combined US housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions.
In Las Vegas the median existing-home price was $239,000 for combined homes and condos.
October’s price increase marks 92 straight months of year-over-year gains in the USA.
“The issuance of more housing permits is a very positive sign and a good step toward more inventory,” said Yun, citing the latest data for housing starts. “In order to better counter and even slow the increase in housing prices, home builders will have to bring additional homes on the market.”
Distressed sales – foreclosures and short sales – represented ONLY 2% of sales in October.
“It is great to see home sales rise along with an increase in housing permits,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Both home buyers and the home sellers are being rewarded by these developments, and we see that conditions remain extremely favorable for real estate investment in America.”
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September.
Single-family and Condo/Co-op Sales
Single-family home sales sat at a seasonally-adjusted annual rate of 4.87 million in October, down from 4.77 million in September, but up 5.4% from a year ago. The median existing single-family home price was $273,600 in October 2019, up 6.2% from October 2018.
Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in October, about even with the previous month and 1.7% lower than a year ago. The median existing condo price was $248,500 in October, which is an increase of 5.6% from a year ago.