November 2019: Residential Real Estate

The housing market saw stable price growth and fewer overall home and new home sales.

Stable home price. According to GLVAR President Janet Carpenter, the current housing market is stable, a first for the Las Vegas housing market in 27 years. There’s a 3% year-over-year increase in the price of homes.

Decreased sales of homes. Compared to 2017 and 2018, there were fewer homes sold this year. As per the report of GLVAR, about 7,770 houses remained unsold by the end of August 2019, which denotes a 33.5% increase compared to last year. Carpenter attributed the decline in home sales to buyers becoming more cautious.