00:00I imagine that this is true across most cities in the U.S., but here in Vegas, for example,
00:04and special thanks to Brian Lebo for this data, home sales are down 43% from 2021. And if we go
00:10back to 2019, sales are still down close to 40%. So we're selling a lot less homes this year than
00:17we did over the last two years. So you would think logically if we're selling less stuff,
00:23home prices should reflect that, but they haven't. In fact, the median price has actually gone up.
00:28For the Vegas area specifically, we finished September up at $449,000. Now, just for context,
00:35if prices stayed flat for the rest of this year, the Vegas market would finish the year up 7%,
00:42which is just insane that prices are going up and not coming down.
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