Greater Las Vegas Monthly Real Estate Market Report - January 20192/14/2019
Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.
Closed Sales decreased 19.6 percent for Single Family homes and 13.4 percent for Townhouse/Condo homes. Pending Sales decreased 4.5 percent for Single Family homes but increased 0.4 percent for Townhouse/Condo homes. Inventory increased 43.2 percent for Single Family homes and 73.1 percent for Townhouse/Condo homes.
The Median Sales Price increased 13.2 percent to $300,000 for Single Family homes and 13.6 percent to $170,000 for Townhouse/Condo homes. Days on Market increased 7.1 percent for Single Family homes and 27.8 percent for Townhouse/Condo homes. Months Supply of Inventory increased 57.9 percent for Single Family homes and 70.6 percent for Townhouse/Condo homes.
While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.
Current as of February 4, 2019. All data from Greater Las Vegas Association of REALTORS® MLS. Report © 2019 ShowingTime