According to the Las Vegas REALTORS® (LVR) newest report, the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during July was $450,000, which is 2% higher than last month’s number but 3.2% lower than July 2022’s number. Local home prices are still below the all-time record of $482,000 set in May 2022.
The median price of local condos and townhouse sold in July was $273,500, which is 0.6% higher than July 2022’s number.
LVR President Lee Barrett, a longtime local REALTOR®, said these statistics reflect a persistently tight housing supply, along with recently rising mortgage interest rates.
“Even with mortgage interest rates being higher than they were a year or two ago and leading to fewer homes being sold, the local housing market seems pretty stable,” Barrett said. “The biggest issue we’re facing is still inventory. We could use more homes to sell.”
By the end of July, LVR reported 3,524 single-family homes listed for sale without any sort of offer. That’s down 4.2% from the previous month and down 51.9% from the same time last year. Likewise, the 871 condos and townhomes listed without offers in July represent a 6.3% decrease from June and a 46.2% decline from one year earlier.
Meanwhile, fewer homes are changing hands. LVR reported a total of 2,651 existing local homes, condos and townhomes sold in July. Compared to July 2022, sales were down 1.2% for homes, but up 0.7% for condos and townhomes.
The sales pace in July equates to less than a two-month supply of properties available for sale. Last year at this time, Southern Nevada had more than a three-month housing supply. Distressed sales remains historically low at 0.8% of all existing local property sales in July.
MLS does not account for all newly construction homes sold by local home builders or homes for sale by owners.
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