The Las Vegas Valley has seen a decline in home prices for the third consecutive month, according to a recent report. This is due to an increase in inventory, which has caused prices to drop. The current housing inventory would last only 1.35 months if there were no new homes on the market. Despite the summer home buying season calming down, the Las Vegas housing market is still good for sellers.In July, real estate agents in Las Vegas discovered that more than 30% of all local property sales were purchased in cash, which is a substantial increase from last year.
There are currently 7426 single-family homes available in Las Vegas, Henderson and North Las Vegas, representing a 3.1% increase from March but 698% less than at this time last year. Homebuilders across the country have created incentives to attract buyers, but some builders in Austin have resorted to reducing home prices.The sales figure for June was the lowest of the year and marked the third consecutive monthly decline, according to a firm. There are 7462 single-family homes for sale in Las Vegas, Henderson and North Las Vegas, with 573 luxury homes available compared to 495 last month and 595 at this time last year.Builders in Southern Nevada recorded 713 net sales (new purchase contracts minus cancellations) in June, almost 24 percent less than in the same month last year. This represented a 12.5% drop compared to single-family homes that were sold in July and an 8.1% drop compared to August last year.
Home prices in Southern Nevada fell again last month as buyers retreated and the once-booming Las Vegas market became a more distant memory.At the end of August, there were 7,997 single-family homes for sale without any type of offer, 145.6% more than at the same time last year.Overall, it appears that home prices in the Las Vegas Valley are decreasing due to an increase in inventory and a decrease in demand. While this may be good news for buyers looking for a bargain, it is not necessarily indicative of a larger trend or an impending crash. Simply being overvalued relative to the underlying economic fundamentals does not guarantee a correction in the price of housing.