Current Las Vegas Market Individual Charts
Current Las Vegas Market Report
Market Overview
Demand remains strong despite fewer listings being taken and more inventory available. Residential inventory is currently at 2.4 months. Closed units are up 3.6% over 2023 and closed volume is up 15%. June lost some momentum compared to last month and last year at this time. However, conventional financing was strong across the board – including sales under $400,000.
- Median price went from $474,450 to $475,000.
- Average price went from $600,861 to $ 605,489 – a 0.77% increase from May.
The protracted heatwave is not helping. Please keep extra bottles of water available for your clients this summer.
Market Changes Ahead!
No one is really ready for August with all the new NAR rule changes and a plethora of new forms nationwide. So, don’t get caught up in all the hoopla and focus on the basics of buying and selling. We will adapt the changes as they are implemented – even if they change several times again over the next couple of years.
Finally, please keep in mind that all of the proposed changes are merely rule changes to our real estate practices and procedures. No laws have been changed, but many consumers believe they have. Consequently, the various MLSs – not state regulatory agencies – will be responsible for policing compliance with the new rules.
Kudos to the United States Supreme Court!
The Supreme Court overturned the Chevron doctrine in Loper Bright Enterprises v. Raimondo. Clearly, too many governments administrative agencies have overreached in their rulemaking efforts but have had little to no legislative or judicial oversight. Will this decision provide additional checks and balances to rules that are currently impacting the real estate community that were the result of agency agendas, such as the FTC and FCC? We will have to wait and see . . . but I certainly hope so!!
You can read the decision here —–>> https://www.scotusblog.com/2024/06/supreme-court-strikes-down-chevron-curtailing-power-of-federal-agencies/
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