Clark County’s housing market cooled in June, with nearly every sales number down both from May and from June 2018, according to the latest Market Action report from the Regional Multiple Listing Service.
The only gain was in closed sales — June saw 796 closings, exactly one closed sale more than in May. The number is also an exact match for the number of closed sales in June 2018.
Pending sales fell to 881, a 2.5 percent drop from 904 in May and a 1 percent drop from 881 reported in June 2018.
New listings fell as well, dropping to 1,102 — a 13.4 percent drop from the 1,272 new listings last month and a 10.6 percent drop from the 1,232 new listings reported in June 2018.
The region’s inventory — the estimated time it would take to sell through all of the existing listing inventory — fell to 2.3 months in May, but rose to 2.4 months in June, the same number that was reported for March and April.
Home prices fell from May but still saw year-over-year growth. The average sale price was $402,700 in June, compared with $410,200 in May and $395,500 in June 2018. The median sale price was $372,500 in June, compared with $375,000 in May and $361,700 in June 2018.
One piece of data remained consistent from May — the highest sales activity took place in the lowest home price brackets.
In the monthly report from John L. Scott Real Estate, CEO J. Lennox Scott offered a breakdown of sales activity by price range. Among homes in the $350,000-and-below price range, more than 77 percent of new listings had pending sales in their first 30 days.
That percentage dropped to 56.4 for homes in the $350,000-$500,000 range, and got progressively lower in higher home price brackets.
In another continuing trend, Scott’s report also points to extreme shortages in unsold listings for homes in both the $0-250,000 and $250,000-350,000 ranges, with just one month’s supply of unsold homes in the former category and 0.7 months in the latter.
