June 2022 Housing Statistics

June 2022 Housing Statistics

Could there finally be an end in sight for the ever-increasing home prices we have witnessed over the last three years??? A slow down in home showings, multiple offer wars, and an increase to mortgage rates has begun to show some signs of a changing market … but not just yet.

Las Vegas REALTORS® Association reports that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during May was $482,000. That breaks the record (again) set the previous month. The median home price is up 25.2% from $385,000 one year ago. The median price of local condos and townhomes sold in May increased to a whopping $285,000. That also breaks the all-time record set (again) from the previous month and is up 39.0% from $205,000 in May 2021!

Existing local prices have more than quadrupled since hitting the post-recession bottom in January of 2012. “Back in the day” of 2012 the median single-family home price in Southern Nevada was $118,000. Ah, those were the days.

The slowdown in sales and increase in mortgage rates has seen the housing supply grow ever so slightly. By the end of May, our local REALTOR® association reported 3,570 single-family homes listed for sale without any sort of offer. That’s an increase of 75.8% from last year! Likewise, the 797 condos and townhomes listed without offers represent a 50.7% jump from a year earlier, too.

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