The Valley View Newsletter Issue 4

How do you make sense of Southern Nevada's housing market? One house at a time! For buyers who believed this year's mortgage rates would suppress demand and drive down prices, that depends on the house. If you find a turnkey property in a popular neighborhood, it's still likely you'll compete with multiple bidders.For sellers who read the headlines about stabilizing mortgage rates, and thus assume they can ask for top dollar, that also depends on the house. If your property isn't well-staged, or you set the list price too high, you could find yourself waiting for offers. One factor influencing Southern Nevada buyers and sellers is the ongoing story of a slender inventory. It's well documented that many homeowners who bought their home with a mortgage rate in the vicinity of 3 percent don't want to move unless they find the home of their dreams. Consequently, people who might have otherwise put their homes up for sale are staying put. That keeps supply low and makes competition stiff for attractive homes, just as the spring-summer buying season is starting to bloom. Nearly a year after mortgage rates surged beyond the 6 percent threshold, and doom-and-gloom news accounts started banging the drum about a pending national housing crash, the local market keeps marching on. While demand is down since the spring of 2022, it hasn't dried up. The fact that Southern Nevada remains a highly desirable place to live keeps would-be homebuyers on the lookout for Las Vegas and Henderson. With the opposing influences of low inventory and steady demand, the Southern Nevada housing market is not about to fit neatly into any national narrative about real estate.

• 27,791. Number of residents that Clark County added to its population between July 1, 2021, and July 1, 2022, according to the latest estimates by the U.S. Census Bureau. That's more than 88.5% of Nevada's total growth of 31,370 residents during the 12-month period. • 77.1%. Number of resale homes sold within 60 days. That's down from one year earlier, when 96.0% of all existing local homes sold in the same time frame. • $442,120. Median sales price for a single-family home in Southern Nevada during May 2023, down 8.3% from the all-time record home price of $482,000 set in May 2022, according to the Las Vegas Association of Realtors. • $2,317. Average monthly mortgage payment for homeowners across the United States, according to a recent report by mortgage company LendingTree. The average monthly mortgage in Nevada is $2,506, the report says. • $11.2 trillion. Total mortgage debt held by homeowners in the United States at the end of 2022, up 9 percent over 2021, according to Experian. The average mortgage balance nationally was $236,443. The average balance in Nevada was $275,352, up 8.5 percent. • 991,165. Number of homes listed for sale nationwide in April 2023, up 6.2 percent from April 2022, making it the first year-over-year increase in inventory since before the onset of the COVID-19 pandemic in the spring of 2020. • $190,000. Increase in value of a median-priced home in the United States between 2013 and 2023, according to a recent report by the National Association of Realtors. • $340 billion. Estimated total property taxes levied on owners of single-family homes in the United States in 2022, up from $328 billion in 2021, according to the real estate data analytics firm ATTOM. • 59.1%. Homeownership rate in Nevada for the 12 months, according to the latest American Community Survey from the U.S. Census Bureau. The national rate was 65.4 percent.