Wednesday, August 08, 2018

Las Vegas Real Estate in July: Sales Up 4% YoY, Inventory up Slightly YoY

by Bill McBride on 8/08/2018 09:47:00 AM

This is a key former distressed market to follow since Las Vegas saw the largest price decline, following the housing bubble, of any of the Case-Shiller composite 20 cities.

The Greater Las Vegas Association of Realtors reported Southern Nevada home prices leveling off this summer, GLVAR housing statistics for July 2018

Local home prices are leveling off this summer as the housing supply has stopped shrinking but still remains tight. That’s according to a report released today by the Greater Las Vegas Association of REALTORS® (GLVAR).
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The total number of existing local homes, condos and townhomes sold during July was 3,955. Compared to one year ago, July sales were up 1.4 percent for homes and up 17.2 percent for condos and townhomes.
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Southern Nevada now has less than a two-month supply of existing homes available for sale when a six-month supply is considered a balanced market. By the end of July, GLVAR reported 4,787 single-family homes listed for sale without any sort of offer. That’s up from June but still down 4.2 percent from one year ago. For condos and townhomes, the 878 properties listed without offers in July represented a hefty 40.5 percent increase from one year ago.
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At the same time, the number of so-called distressed sales continues to drop. GLVAR reported that short sales and foreclosures combined accounted for 2.9 percent of all existing local home sales in July, down from 6.4 percent of all sales one year ago.
emphasis added
1) Overall sales were up 4.1% year-over-year from 3,798 in July 2017 to 3,955 in July 2018.

2) Active inventory (single-family and condos) is up slightly from a year ago, from a total of 5,620 in July 2017 to 5,665 in July 2018. Note: Total inventory was up 0.8% year-over-year - the first year-over-year increase since May 2016.

3) Fewer distressed sales.