July 2019 Las Vegas/Henderson Real Estate Market Update
Hello, it's time for another monthly real estate market update for July 2019. I'm Corey Toushin, team leader at the Corey Toushin Group at Life Realty.
Let's jump straight into the stats and then I'll break them down and offer my opinions and predictions of the market moving forward. So at the end of July 2019 single family detached home inventory or homes available for sale was just over 7,800 units. This number is down slightly from the previous month and interestingly enough, the first time this number has decreased, month over month since the beginning of the year. However, inventory levels are still up in excess of 65% from this time last year. The number of detached homes sold increased month over month by over 8% landing at just under 3,200 homes sold and closed. For new listings. 4,123 of them to be exact, hit the market in July down over 2% from the previous month. A decrease in new listings in July is pretty common as a lot of families vacation around this time. In June, the median sales price finally broke the $300,000 barrier and is now at $303,000 at the end of July. It's highest level in literally over a decade.
This number has grown about 4.5% from this time last year, a sign of more stable market growth for sure. For average speed of sale over 77% of all new listings sitting in the market are entering contracts within 60 days and over 57% of those are still entering contracts within 30, that's incredibly fast. The most exciting part of the residential real estate market though at this exact moment is mortgage interest rates. In the past 90 days alone, the average commercial mortgage rate is down almost three quarters of a percentage point. Mortgage applications. Because of that both home purchases and refinances are up substantially and we're seeing much more activity in general in the marketplace. Historically, just so you know, starting in early September and through the holidays, our local market will see slight month over month declines in both sales and new listings.
However, with mortgage rates so low making affordability so high right now, I believe sales will continue to pick up steam while inventory continues to drop slowly month over month. So with higher buyer demand and less available inventory, there is still going to be a slight pressure up in home values overall in the foreseeable future. Lastly, and back to the point I've been stressing for several months, the market is still price sensitive, when listing your home be very mindful of comparable sold data around you and be careful not to overprice as an initial strategy. And going back to the stats we just talked about, if your home is on the market longer than 60 days, you likely have a pricing issue. So if you have any questions or would like to schedule a strategy session with me, please don't hesitate to reach out any time. Have a great August and I'll see you next time. Take care.