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Home prices still rising in Las Vegas amid historic slump in sales

Updated April 9, 2024 - 5:31 am

Home prices continue to rise in the Las Vegas Valley amid a historic slump in sales, according to March statistics from the Las Vegas Realtors.

The median price for a single-family home that sold in March rose once again to $465,000, a 1.1 percent increase from February of this year, and a 9.4 percent increase from March of last year.

The number of single-family homes sold is also on the rise, up 9.8 percent in March from the previous month, but that is an 11.8 percent drop from March 2023.

LVR President Merri Perry said current market conditions are weighing on the industry, including higher mortgage rates and the lack of available housing on the market.

“Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” she said in a statement. “One of our biggest issues continues to be our housing supply. As we’ve been saying for a long time, it would help our local housing market if we had more homes to sell.”

New listings of single-family homes did rise last month, up 7.5 percent from February and 6.2 percent from March of last year. At the end of March, LVR reported 3,323 single-family homes listed for sale without any sort of offer. That’s down 20.8 percent from one year earlier.

2023 was the slowest year for existing home sales since 2008, LVR said. The association, which pulls its data from the Multiple Listing Service, reported 29,069 sales of existing homes, condos and townhomes last year. That was down from 35,584 total sales in 2022. LVR said 2021 was a record year for home sales, when 50,010 properties were sold.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.

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