Almost without notice, almost unheralded, price increases have begun.
In this morning’s LVRJ, Hubble Smith notes “The median sales price of $236,692 is down 21.5 percent from a year ago but up slightly from April”.
The important thing here is not the colorful but basically irrelevant “down 21.5 percent” statistic. The important thing is the “up slightly from April”. My prediction, as posted previously, is that April was and will be the point of lowest price. May was up slightly, and June will be up again. This is based on the falling inventory and anecdotal reports of bidder wars over lower-priced units. Sales velocity will drop off in the hot summer months a bit, I suspect, just because it’s so hot out, but I don’t think Las Vegas will ever again see median prices as low as we had in April.