Existing home sales slipped for the sixth straight month in July. Median home sales climbed 10.8% from one year ago but down $10k national median from last month’s record national high of $413,800.
The inventory of unsold existing homes rose to 1.31 million by the end of July, or the equivalent of 3.3 months at the current monthly sales pace. All-cash sales accounted for 24% of transactions in July, down from 25% in June, but up from 23% in July 2021.
Housing Starts dropped in July. Starts for single-families are down 18.5% yearly, but up 17.4% for buildings with 5 units or more.
Building Permits are down 11.7% annually for single-families, up 26.2% for 5+ unit buildings.
Las Vegas market is cooling as median prices so far down again for August. Buyer’s are still in the market and property is trading hands although August numbers are looking like decreases in median price for single family homes and townhouses with condos rising slightly.
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