Local home prices are dipping for a second straight month after many pandemic-filled years of constant increases. Fewer homes are currently selling causing more inventory to go on market, leading us back to a normal that some of us may remember.
Our local Las Vegas Realtor Association reports that the median price for existing single-family homes sold in Southern Nevada during July was $465,000. That’s down from the all-time record price of $482,000 in May and down 3.1% from June. The median home price is still up 14.8% from one year back. Additionally, the median price for local condos and townhomes sold in July decreased to $271,800. That’s a decrease of 2.9% from the previous month.
What’s causing the slow down and increased Buyer hesitation is the rise in mortgage interest rates over the last couple of months. This is causing prices to stabilize as the market shifts back to a slight more normal structure. In fact, there haven’t been this many homes for sale since the summer of 2019!
This shouldn’t alarm anyone as we are only returning to a very similar pre-pandemic real estate landscape. Existing homeowners have too much equity in their homes to cause a foreclosure collapse. As Buyers adjust to these recent shifts we will see activity increase as prices continue to drop (slightly) while we return to a much more competitive market. We can say “hello” to closing cost contributions and other concessions as we proceed towards a new year.
You know … like normal.
If you’re concerned about buying or selling with the current scary headlines you might be reading, please reach out to discuss the actual stats and how this market may still benefit you!