$7B worth of homes for sale in Las Vegas, highest ever, report says

Approximately $6.99 billion worth of homes were for sale as of the end of May, the highest dollar amount ever recorded, according to the report. Nationally, $698 billion worth of homes are for sale, up 20.3 percent from a year ago and the highest ever recorded.

Dale Jones, a broker and owner for Re/Max Legacy in Las Vegas, said the local market is finally “stabilizing” after a long period of flux dating back to 2010 after the Great Recession.

“If rates ever come down again, sales will pick up. I just pulled an inventory report, and we are at almost four months of inventory on the resale side of the market,” he said. “So, while still a seller’s market, they are worried because their home is not selling as quickly anymore.”

Jones said it could soon become a buyer’s market as regular buyers are hard to come by, which only leaves wealthy investors.

“Time for the sharks to start circling, there is blood in the water again and sellers are scared. We will see the rise in bulk purchasing investors again soon.”

Southern Nevada home prices held steady last month but were still close to record highs set earlier this year as sales continued to lag, according to the latest data from Las Vegas Realtors.

The median price for a single-family house sold in the region last month was $480,000, the same as April and down from the all-time high of $485,000 set at the start of the year, according to LVR, which pulls data from the Multiple Listing Service. This is also a 1.5 percent increase from May 2024.

Lori Galarza, a broker and owner for Re/Max Central in Las Vegas, said the condo and townhome market has picked up slightly again in a sign of a potential turnaround. However, the overall market remains in a downturn.

“We are still selling homes and there is movement but there are some distractions with the stock market and other news causing some homebuyers to pause. As always with challenges in real estate, there are opportunities. Even though homes for sale are remaining longer on the market, inventory is increasing and rates are still in the high 6 percent, buyers are seeing opportunities to negotiate on price and closing costs,” she said.

Freddie Mac has the 30-year fixed-rate mortgage sitting at 6.8 percent and the overall rate has not gone below 6 percent since 2022.

Matt Hennessy, a Las Vegas-based mortgage adviser, said this puts monthly costs for a potential buyer of a house in a financial squeeze, which is dictating market prices right now.

“We have all seen the attention-grabbing headlines on real estate regarding an increase in inventory and price reductions. If you’re buying or selling a home right now, you’ve probably noticed something, it’s a challenging market,” he said. “Mortgage rates are still elevated, causing homes to sit on the market longer. When that happens, many buyers and sellers jump to one conclusion, price reduction. But here’s the thing, dropping the price doesn’t fix the biggest problem buyers are facing right now, monthly home affordability.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.