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Las Vegas Housing Market Info (Aug ）)

Hello,

Las Vegas is still experiencing lingering summer heat, but on the other hand, we are starting to feel signs of autumn in the mornings and evenings.
It is already the middle of September, and the U.S. presidential election is only two months away. How are you doing?

I don't think this is directly related to the election, but the Federal Reserve （ the Fed ） cut rates for the first time since 2020, lowering the Federal Funds rate by 50 basis points.
We may expect further rate cuts later this year and into 2025, although the decision may be based on economic conditions.

This rate cut will not immediately affect mortgage rates, but it is one piece of good news that we have been waiting for a long time.
Assuming that interest rates begin to fall this fall, as experts expect, we should expect home prices to become a little more affordable for buyers over the next year.

With all sorts of changes on the horizon, the Las Vegas housing market did not change significantly from July to August, but the number of sales was up from July.
Due to the Buyer Brokerage Representation Agreement that was introduced on August 17, we thought that both buyers and our agents were watching the situation and refraining from making any moves, but
LVR （ Las Vegas Realtor ） reported a total of 2,711 existing homes, condos and townhouses sold in August.
This compares to August 2023, which saw a 6.4% increase in home sales, while condo and townhouse sales decreased 10.5%.

The average sales price （ Median Sales Price ） for single-family homes in August was $476,875 and there were 5,268 homes for sale. Condos and townhouses had an average sales price of $292,000 and
1,640 sales. After a strong spring, condo and townhouse activity appears to have slowed down a bit.
For detailed market trends, please see the attached document.


Next, we would like to highlight some of the economic trends in Las Vegas that have increased compared to last month and the same month last year.

First, electricity consumption. Across Clark County, electricity consumption for single-family and multi-family homes is up.
Last year, NV Energy announced a reduction in electricity rates, but even with the reduction, the amount paid has not decreased due to the increase in consumption.
Next, the number of motor vehicle licenses returned was down from July, but up 2.7% from the same month last year.
Could this be the result of an increase in the number of people moving from Las Vegas to other states, the return of licenses by the elderly, and the detection of illegal immigrants?
Additionally, passenger volume at Harry Reid International Airport has also increased.
Total casino revenues are also up, with Las Vegas local casinos up 15.1% over July and 13.1% over the same month last year.
This may be due to the newly opened Durango Casino&Resort.
Similarly, downtown casinos also saw an increase of 8.5% over July and 9.9% over the same month last year. Meanwhile, revenues at casinos on the Strip and in North Las Vegas are down.
Finally, hotel weekend occupancy increased 1.9% over July and 0.6% over the same month last year.

These results are a welcome sign for Las Vegas of increased travelers and local casino revenues, even with inflation said to be on the rise.

By the way, I was back in Japan from the August Obon vacation and was surprised at the high temperature and humidity and the number of typhoons. As far as I remember, typhoons were more common after September, and there were no waterfalls of rain in Tokyo in August. I was also a little saddened by the fact that a robot brought food to a restaurant in a local hotel. I heard a report that salaried workers' salaries have barely increased in Japan over the past 30 years, and if this is true, I had mixed feelings that priority should be given to those who still want to work and provide employment rather than introducing robots.
What surprised me even more was to hear that in Japan it is almost impossible to rent a house when you are over 60 years old. This surprised me even more than climate change. If Japan is known around the world for its large elderly population, I returned to the U.S. with the hope that we can provide housing and jobs so that our own people can live a healthy and happy retirement.

We hope this newsletter will be of help to you.
Please continue to enjoy the hot summer weather.