I hope you had a great 4th of July weekend and enjoyed the fireworks around the city. Last month I warned you of the coming heat. Are you feeling it yet?! Record highs. But good news is only 169 days until Christmas!…

Here's the latest market report (based on single family homes):

Mortgage Rates:
- 30-year conventional rate today is 7.01%
- 30-year VA rate today is 6.50%
Median Sales Price:
- April: $476,000
- May: $475,995
- June: $485,000
New Listings:
- April: 1,957
- May: 2,141
- June: 1,875
Median Days on Market Until Sale:
- April: 12
- May: 12
- June: 13
Months Supply of Inventory:
- April: 2.2
- May: 2.4
- June: 2.3

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.

Record Smashed: Yesterday at 2:35 p.m., Reid International hit an unprecedented 118.4°F, breaking the all-time high since records began in the 1930s. By 3:15 p.m., the National Weather Service recorded 119°F, peaking at 120°F by 4 p.m. This marks July 7, 2024, as Las Vegas' hottest day ever. With Tuesday's forecast nearly as hot and excessive heat warnings in place until at least Wednesday, the record might stand for a couple of days.

Adele: Most Expensive Ticket in U.S.: Forbes reveals that Adele's shows at Caesars Palace had the highest average ticket price in the U.S. for the first half of 2024, at $1,462. Phish's residency at Sphere was second at $1,228, and U2 also at Sphere was third at $831. SeatGeek data suggests Taylor Swift's Eras tour could overtake Adele's spot in the fall, with The Eagles at Sphere also potentially ranking in the top three.

All-MLB Weekend Returns to Las Vegas in November: The second annual All-MLB Weekend will be held in Las Vegas from Nov. 13-17. This event celebrates baseball's elite, featuring interactions with legends, stars, and industry leaders. Awards like the Hank Aaron Award and others will be announced live from The Chelsea at the Cosmopolitan on Nov. 14 on MLB Network. Pre-sale tickets start June 26, with general sales beginning June 28 at 10 a.m. PT.

I-15 To Close -- Again! -- for a Bit: Besides ongoing construction at I-15 and Tropicana Avenue, a six-mile stretch of I-15 will completely close later this month and early next for repaving. Northbound lanes between Warm Springs and Flamingo will close from 9 p.m. Friday, July 26, to 5 a.m. Monday, July 29. The following weekend, August 2-5, southbound lanes in the same area will follow the same schedule. While the timing favors commuters over visitors, expect heavy traffic on detour routes during these weekends.

I hope you’ve enjoy this month’s newsletter. Have a great day!

Las Vegas, Nevada

4 Votes