LAS VEGAS (KTNV) — Now that June has passed, new housing numbers show another month and the same story — more homes are up for sale.
We're also seeing the number of homes sold going down.
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I visited one neighborhood near Sahara Avenue and Arville Street where there are several homes up for sale on one street alone. This is a growing trend across the valley.
“Two on this side, one the last house over there, that’s a rental, this one is going to be going up for sale. At the corner of the street there’s another one," said Vicki Franklin who has lived in the a neighborhood near Sahara and Arville for 35 years.
Franklin says she has seen a lot of change in her neighborhood since she first moved in.
“When we bought our first home it was like $80,000. And what are they going for now? $450,000," Franklin said.
She believes high prices are why homes, including some on her street, aren't selling.
“I know three that have been up for six-plus months, maybe a year," Franklin said.
Here's what the newly released Las Vegas Association of REALTORS (LVR) housing report of June shows:
- 6,992 homes are listed without an offer. Up 5.2% from last month and up 70% from last June.
- 9,331 total homes listed. Up 2.1% from last month and up 36.3% from last June.
- 3,252 new homes listed in June. Down 9.4% from last month and down 15.4% from last June.
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The average median home price in the valley is also back up to the all-time high of $485,000 that was seen in the first three months of the year.
1,946 homes sold. Down 6.8% from last month and down 7% from last June. The last time valley home sales were below 2,000 in a month was February.
See the statistics
LVR president George Kypreos tells me there's a lot of reasons for the drop in home sales.
“Folks are traveling, kids are out of school, it’s hot. Lots of excuses on why somebody might not want to buy a home. It could be buyer fatigue, rates have been high for a while," Kypreos said.
He says it could also be because of the increased amount of homes on the market.
“Now we’re in more of a stable environment where buyers can take their time, tour more properties, think about do I really like this neighborhood. They don’t have to rush," Kypreos said.
The questions on many people's minds is how to turn more locals into homebuyers. I did some digging and found many developers are offering summer specials with low rates and lower prices, trying to get people in.
Franklin says the help is needed.
“The prices are out of control," said Franklin. “Interest needs to go down.”
A portion of how mortgage rates are calculated deals with interest rates, but it's not the full picture. The next time the Federal Reserve is expected to discuss interest rates is July 29. Buyer and sellers hope to see the first rate drop of the year.
Franklin tells me she hopes financial relief comes soon so more locals can become homebuyers here in our valley.