The current price surge cannot be sustained. Investors believe that Southern Nevada's housing prices are real and that the market is nearing a tipping point. It is a $100,000 increase in the median sales price of the luxury housing market segment. The median sales price in the Luxury Market increased to $1,399,999, as in May this figure was $1,300,000. There were 147 houses sold for $1 million or more in the Luxury Market last month, down from 167 homes sold in May. Furthermore, 86.1 percent of homes sold last month had been on the market for 30 days or less, compared to roughly 88.6 percent of homes in June of last year. The median sales price of previously owned single-family homes decreased to $480,000 last month, which is down 0.4% from May and up 21.5% from the prior year. The 32-month string of median sales price increases has finally ended. For the first time in almost two years, Las Vegas home prices fell. Buyers have flooded properties with offers, inventory is limited, and builders have raised prices and put buyers on waiting lists regularly.Īccording to the latest data, Southern Nevada's rapidly growing housing prices took a pause in June 2022. In Southern Nevada, homes are being sold at a quick pace, and prices are reaching new highs almost every single month. This trend has accelerated during the pandemic, according to industry experts, with home sales in the area reaching their highest level in 14 years. People continue to flock to Las Vegas from more expensive areas, particularly Southern California, putting more pressure on housing demand. Month after month, inventory is depleting and cannot keep up with demand. Sales of single-family homes are up from last year, and prices are reaching new highs. The Las Vegas housing market is on fire in 2022. Seattle Housing Market Forecast 2022 & 2023.Real Estate Housing Market Crash: 2022 or 2023?.The Hottest Real Estate Markets of 2022.Where Are Housing Prices Falling in 2022?.Denver Housing Market 2022: Prices, Trends & Forecast.Orange County Housing Market Forecast 2022 & 2023.Florida Real Estate Forecast Next 5 Years: Will it Boom?.South Florida Housing Market Forecast 2022 & 2023.Housing Market Forecast 2024 & 2025: Next 5-Year Predictions.Utah Housing Market (Salt Lake City) Trends & Forecast 2022-2023.Seattle’s Most Competitive Housing Markets in 2022.Colorado Housing Market Predictions 2022 & 2023.New Hampshire Housing Market Forecast 2022 & 2023.US Housing Market: Home Sales Drop 5.9% in July 2022.California Housing Market Forecast 2022 & 2023.Will Home Prices Drop in 2023: Housing Market Forecast 2023.Manhattan Housing Market: Prices | Trends | Forecast 2022.Southern California Housing Market Forecast 2022 & 2023.Mortgage Interest Rates Forecast 2022 & 2023.Austin Housing Market 2022: Prices, Trends & Forecast.I understand that I may revoke this consent at any time. I understand that consent is not required as a condition to purchase a good/service, and that I can opt-out from SMS messages at any time by replying STOP. (b) I am providing express written consent to share my information with Buyerlink Inc., Rocket Homes, and up to four real estate companies, their advertisers, contractors, partners, and affiliates, and authorize them to contact me through automated means (e.g., automatic telephone dialing system, text, artificial or pre-recorded messaging) for promotional marketing purposes at the phone number(s) and at the email address I provided above, via telephone, mobile device (including SMS and MMS) and/or email even if my telephone number is currently listed on any state, federal or corporate Do Not Call list. Please have someone contact me about refinancing offers Continueīy clicking the button, I provide my electronic signature in which I consent and agree to the following: (a) the Terms and Privacy Policy. I would like to be notified of other money-saving offers.

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