Las Vegas housing market tight supply is creating a restricted supply of homes this summer. Limited supply of homes has finally caught up to the surge in the market in 2016. Real estate investors continue to rent homes rather than put them on the Las Vegas real estate market. Home and condo sales were running ahead of the 2015 real estate market for homes sold.
Pricing for homes and condos have seen a recent halt in rising prices. Single family homes in July fell 12.7 percent to 2,837 homes sold. Home sales down 7 percent from July of 2015. Las Vegas home medium price of $236,000 slowed to an increase of $1,000.00 higher than June 2016. We saw an increase this spring of $15,000 in medium home prices in the Clark County, Nevada valley.
Las Vegas Housing Market Tight Supply – Three Month Supply of Home Inventory
Las Vegas real estate market has a three month supply of home inventory in the Las Vegas valley. Six months supply of homes in the Las Vegas real estate market is normal. Real estate sales slowed on the lower priced homes, which suggests that it is getting harder to find entry level homes for first time home buyers. Las Vegas home buyers are buying up the limited supply of properties on the Las Vegas real estate market.
Las Vegas Real Estate Market – Real Estate Investors
Traditional thinking in years past dictated that low housing supply would increase higher home prices. Las Vegas real estate investors who purchased homes during the crash have decided to hold and continue to rent there properties. Las Vegas homeowners are unwilling to put there homes on the Las Vegas real estate market. There is still over 20% of the homeowners who are still underwater. These Las Vegas homeowners still owe more than there home is worth. Call RE/MAX Las Vegas Ratliff Realty Group at 702-508-8262 anytime! We do not see home inventory levels changing during the rest of 2016.