A report released on Tuesday by Las Vegas REALTORS® (LVR) reveals that local home prices have been fluctuating, showing an increase compared to the previous month but a decrease compared to the same period last year. LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during July was $450,000. This represents a 2.0% increase from June but a 3.2% decrease from the $465,000 recorded in July 2022. It’s worth noting that local home prices are still below the all-time high of $482,000 set in May 2022.
In July, the median price of local condos and townhomes sold was $273,500. This reflects a 0.6% increase from July 2022 but remains below the record condo and townhome price of $285,000, also established in May 2022.
LVR highlighted that these statistics are indicative of a persistently tight housing supply, coupled with recent increases in mortgage interest rates. According to LVR President Lee Barrett, a long-serving local REALTOR®, despite the higher mortgage interest rates leading to fewer home sales, the local housing market appears relatively stable. The primary challenge continues to be the limited inventory of available homes for sale.
By the end of July, LVR reported 3,524 single-family homes listed for sale without any offers, reflecting a 4.2% decrease from the previous month and a substantial 51.9% drop from the same period the previous year. Similarly, the 871 condos and townhomes listed without offers in July represent a 6.3% decrease from June and a 46.2% decline from one year earlier.
Meanwhile, the number of homes changing hands has declined. LVR reported a total of 2,651 existing local homes, condos, and townhomes sold in July. Compared to July 2022, home sales were down by 1.2%, but condo and townhome sales saw a modest increase of 0.7%.
The sales pace in July indicates a supply of available properties for sale equivalent to less than two months, which is a significant decrease from the more than three-month housing supply reported in Southern Nevada at the same time the previous year.
Local home sales are currently tracking to be lower than they were in 2022 when LVR reported a total of 35,584 sales. This followed a record-breaking year for existing local home sales in 2021, with LVR reporting 50,010 homes, condos, townhomes, and other residential properties sold. This marked the first time LVR reported more than 50,000 local properties sold in a year, surpassing the previous record set in 2011 by nearly 2,000 sales.
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