Vegas temps are HOT but the June 2022 local housing market stats recently released provides more proof that we are in a cooling off period following a long hot streak of record setting increases in home prices & sales. LVR reported that the median price of existing single-family homes sold in Southern Nevada through the MLS during the month of June was $480,000. That was slightly from the all-time record of $482,000 set in May. This marked the first decline vs increase (month over month) since April of 2020. The median price is still 21.5% from $395,000 one year ago. The record low was $118,000 back in January of 2012. The most important stat to watch is the INCREASE in inventory or available homes on the market which is now up to over a 2 month supply, representing a 134% increase from last summer. This along with increased interest rates is what’s causing the cooling of the market primarily.
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