For most of this year, the median price of a house in Las Vegas has been going strong. In contrast, housing inventory in Las Vegas is in short supply. Last month, the median house price took a dip and inventory in days increased. Despite this, last month was still up by 13% when compared to June 2017.
Our last report displayed a climb in median prices. In June, the market had taken a dip but started recovering in July. Since last week, the median price has slightly fallen. It was closer to $295,000. Now, it’s $294,900. Compared with the dip in June, the median price is still higher than the price at the beginning of June, which was $294,000.
The amount of inventory on the market has slightly increased from last week. The amount of inventory in days was 31.8, and it’s 32.7 days for the start of this week. Although it is only a small increase, It’s still higher than the inventory in days for most of this year. The blue line represents the inventory in days.
The increase in inventory in days can easily be explained by looking at the orange line and the red line. The orange line is the contingent/pending offers while the red line is the active listings. Back in February, there were more contingent/pending offers than active listings. This continued to be the case until last month. Now, there are more active listings, so the market inventory has increased.
Last month’s market inventory went up but was still lower than the housing inventory available in June 2017. Even though we experienced a dip in median price, the trend is still upward. Likewise, we experienced a more housing inventory last month, but the trend leans toward not enough supply.