The pattern is quite familiar. For several months in a row now the stats that the local analyst Home Builders Research puts out show that home sale numbers remain soft. The market is in a funk, that's clear. Besides product oversupply, there also is another factor in the mix at this time of the year. Namely, when the middle of the summer temperatures reach 111 degrees and higher, who wants to go out house shopping. It's called a seasonal trend.
Here's a quick rundown on some of the numbers that matter. New home sales decreased in June by 45% from a year ago and existing sales dropped 36%. This is pretty much what has been happening for the last four to six months.
The only bright spot in the Las Vegas real estate market continues to be the median price level. The June new home and resale median sales prices actually rose a few ticks from May's numbers. That is somewhat surprising. A local developer says he knows why. Vegas is gradually turning itself into a top-tier city with multiple beneficial factors - weather, except now, solid economy, terrific entertainment, to mention a few of them - that just attract people here to live and own property. He cites as an example San Francisco a few decades ago where prices were predicted to crash and they went up instead. Because people wanted to set up house over there.
When we compare median price levels with last year's, they are down a tad, 2% for new homes and 4% for resales. All in all, not much has changed recently.