According to a report released by Las Vegas REALTORS® (LVR), local home prices leveled off in February 2023, with more homes available for sale and fewer changing hands than one year ago.
The median price of existing single-family homes sold in Southern Nevada through LVR’s Multiple Listing Service (MLS) during February was $424,995, down 5.6% from one year ago. By the end of February, LVR reported 4,665 single-family homes listed for sale without any offer, up 167.9% from the same time last year.
The sales pace in February equates to nearly a three-month supply of properties available for sale. In February, 61.0% of all existing local homes sold within 60 days. In comparison, 88.6% of all existing local homes sold within 60 years the same time last year.
During February, 27.1% of all local property sales were purchased with cash, down from 30% one year ago. For distressed sales, short sales and foreclosures combined accounted for 1.2% of all existing local property sales in February.