July 2019 closings improved slightly over last month but could not catch up to July 2018. The overall market remains weak except for the luxury market segment which remains strong .The Greater Las Vegas residential real estate market continues to lag just over 7% from last year. Meanwhile, the high rise market segment continues its lackluster trend with no improvement in sight.
SFR inventory dropped to 2.6 months overall, but there is a wide variance from community to community – ranging from 1 to 15 months of inventory – depending upon the specific community. The months of inventory decreased from 2.9 months as a result of in decline in listings taken in July and the improvement in closed sales over last month. Yet, that doesn’t seem to curb the over pricing as it’s on the rise again! July 2019 SFR closed sales shot up 8.9% from June 2019 but slipped 1.0% from July 2018. Condo and town-home sales declined further and are still at 2016 levels. There is now 2.7 months of condo/town-home inventory currently available.
The median closed sales price of an SFR dropped slightly to $303,000 while the average closed sales price of an SFR rose from $353,893 to $359,411for a 1.6% increase. There was somewhat more cash and FHA financing this month, but we will have to wait to see if a drop in the Fed rate spurs financing going forward. Both the median and average closed sales prices of an SFR remain below the 2006 peak!