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Southern Nevada housing market shows life, prices up slightly

Updated May 10, 2023 - 9:54 am

Southern Nevada home prices rose slightly in April after remaining flat for the past four months, a new report shows, while sales continued to fall.

The median sales price for previously owned single-family homes in Southern Nevada was $430,000 in April, up 1.2 percent from March but down 9.5 percent from $475,000 in April 2022, according to trade association Las Vegas Realtors, which collects data from its listing service.

Condos and townhomes also reported a price increase last month. The median sales price was $270,000, 3.8 percent increase from March but a 1.8 percent year-over-year decline.

Las Vegas Realtors President Lee Barrett said the market appears to be nearing the bottom of its most recent downturn.

“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Barrett said in a news release. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”

Meanwhile, only 1,962 single-family houses sold in April, falling 16.9 percent from March and a 34.6 percent drop from April 2022. The decline also extended to condos and townhomes, which reported 535 sales in April, an 11 percent decrease from March and a 31.1 percent decrease for the same period last year.

The sales pace last month reflects a less than two month supply of properties available for sale, according to Barrett, when this time last year Southern Nevada was facing a housing shortage with less than a one month supply.

Las Vegas Realtors said it expects the pace of home sales to be slower this year compared with 2022, when it reported a total of 35,584 sales that year. And 2021 saw a record year of existing home sales with 50,010 residential units sold — the first time the trade group saw more than 50,000 homes selling in a year, topping the 2011 record by nearly 2,000 sales.

A total of 3,737 single-family homes were on the market at the end of April without any offers, a 10.9 percent decrease from March but up 53.1 percent from the same time last year. There were a total of 964 condos and townhomes listed without offers at the end of April, a 12.6 percent drop from March but an 89.8 percent increase from April 2022.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on Twitter.

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