Las Vegas Market Recap for August + News!

[Josh Edelman]

Good morning!

Here are some data points from the month of August! It has been a busy month for me! While interest rates are high, it’s not stopping people from buying homes. I believe that when rates do drop (whether that’s within the next few months or early next year), it will be a mad dash for the people waiting to jump in on buying a home.

🏠📈 Real Estate Update 📉🏠

Here's the latest real estate market report from August 2023 (single family homes) 📊:

💰 Median Sales Price:
August: $445,727
July: $450,000

📈 New Listings:
August: 1,726
July: 1,578

📅 Median Days on Market Until Sale:
August: 13
July: 14

📦 Months Supply of Inventory:
August: 2.1
July: 2.2

🏡 Mortgage Rates:
30-year conventional rate today is 7.22%
30-year VA rate today is 6.71%

🤔 What does "Months Supply of Inventory" mean?

It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.

📈 Mortgage rates have risen this week, and the Federal Reserve is meeting on September 19 & 20 to discuss further rate changes. While the consensus suggests no rate hike, the Fed is closely monitoring the labor market and wage inflation.

🌊 Lake Mead Update: Despite recent monsoon storms, the impact on Lake Mead's water level has been relatively minor. However, the lake is steadily rising thanks to ongoing runoff and releases from Lake Powell upstream. Over the past year, it has gained 22 feet in elevation, with several feet of increase in the last month. According to the Bureau of Reclamation, the reservoir's rise is expected to stabilize in the upcoming autumn, and the outcome of the upcoming El Niño winter, which typically brings wetter conditions to the Southwest and South, remains to be seen. 🌦️

🏘️ Condos and townhouses in southern Nevada reached an all-time high in August, with a median price of $287,000, surpassing the previous record set in May. This surge is driven by high demand for affordable housing in the area, while single-family homes remained stable at a median price of $447,435. Condo prices also saw an 8% increase compared to August 2022. 📈

🔥 Navigating Burning Man: The annual event, Burning Man, took place this year in the Black Rock desert approximately 100 miles north of Reno. It drew an estimated 80,000 attendees and concluded with the symbolic burning of the 40-foot-tall Man on Sunday night. The event, which initially began in June 1986 as a small gathering on Baker Beach in San Francisco, has evolved into a spectacular showcase of "radical self-expression." The incredible vehicle art and overall atmosphere must be witnessed to be truly appreciated. You can explore a captivating photo essay of the event in the San Francisco Standard. 🚀📸

🍂 September Overview: September typically sees a shift from hot to warm temperatures. Highs start around 99°F and decrease to 88°F by the month's end, while lows range from 76°F to 65°F. Record highs can reach a scorching 114°F, while record lows have been as low as 43°F. Rainfall is minimal, averaging less than a third of an inch, making it a relatively dry month.