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Las Vegas home prices ‘hot’ as they approach record high

Updated July 9, 2024 - 4:23 pm

Las Vegas home prices remain “hot” like the weather but sales dropped in June, according to new statistics from the Las Vegas Realtors.

The median price of an existing single-family house sold in Southern Nevada through the Multiple Listings Service in June hit $475,000, which is just $7,000 off the all-time high that was set back in May 2022. However, sales were down 12.8 percent from May of this year.

This is also a 7.7 percent increase in the average home sale price from June of last year and LVR President Merri Perry said the local market has been “outperforming” most of the country.

“Home sales have been down nationally and approaching some of the lowest levels on record,” Perry said. “Here in Southern Nevada, we’ve been selling more homes this year than we did last year. And unlike much of the nation, homes here have actually been selling faster than they were at the same time last year. At the same time, we’re seeing more homes available for sale, which is good news.”

Homes are sitting on the market longer, as 4,114 homes were listed without any sort of offer at the end of last month, a 11.8 percent increase from one year earlier. The condo and townhome market has been even more abrupt, as there were 1,367 condos and townhomes listed on the MLS at the end of June without any sort of offer, 47 percent increase from one year earlier.

Cash transactions for homes continued to climb as well in Southern Nevada as 26.6 percent of all local property sales were all cash, up from 25.1 percent a year earlier, but still far off from the record high that was set back in 2013 (59.5 percent).

Las Vegas finds itself in the middle of a housing crisis as Nevada is short more than 78,000 affordable rental units for extremely low income renters, according to estimates from the National Low Income Housing Coalition. Plus, the valley is landlocked with 88 percent of Clark County alone controlled by the federal government.

Redfin recently reported that national home prices broke all-time record highs at the end of June, and mortgage rates remained above 7 percent, which is up from a three month low of 6.9 percent at the start of June, but down from a five month high of 7.5 percent in early May.

The Las Vegas valley’s housing market has not cracked any of Redfin’s top five rankings for the past few months when it comes to major metros that have the largest month over month changes in median sale price, pending sales or new listings.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.

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