MARKET UPDATE Las Vegas November 2020

Dated: December 2 2020

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The median sales price of new houses sold in October 2020 was $330,600. The average sales price was $386,200.

For Sale Inventory and Months’ Supply

The seasonally-adjusted estimate of new houses for sale at the end of October was 278,000. This represents a supply of 3.3 months at the current sales rate.

New Home Sales

October New Home Sales soared 41.5% over a year ago, 29.1% above their pre-pandemic high. Builders are well-motivated when supply is below 4.3 months and it’s now at 3.3!

Sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.3 percent (±13.6 percent)* below the revised September rate of 1,002,000, but is 41.5 percent (±22.6 percent) above the October 2019 estimate of 706,000.

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Kenneth Manesse

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