Las Vegas area home prices hold steady after three-month slide

A recent report by Las Vegas Realtors shows local home prices holding steady after declining for three straight months, with fewer properties selling and more available for sale.

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during September was $450,000. That’s unchanged from August, but down from the all-time record price of $482,000 in May. The median home price is still up 10.7 percent from $406,500 one year ago.

The median price of local condos and town homes sold in September was $270,000. That’s up 1.9 percent from the previous month, but down from the all-time record price of $285,000 in May. Condo and town home prices are up 17.4 percent from $230,000 in September 2021.

“It’s interesting to see local home prices level off, at least for now. Home prices and sales had generally been declining since mortgage interest rates started rising,” said LVR President Brandon Roberts, a longtime local Realtor. “The good news for buyers is that it has been at least three years since we’ve had this many homes available for sale.”

He added that local home prices are still nearly four times higher than during their post-recession bottom in January of 2012, when the median single-family home price in Southern Nevada was $118,000.

By the end of September, LVR reported 8,121 single-family homes listed for sale without any sort of offer. That’s up 134.5 percent from the same time last year. Likewise, the 1,849 condos and town homes listed without offers in September represent a 194.4 percent jump from one year earlier.

LVR reported a total of 2,554 existing local homes, condos and town homes sold in September. Compared to one year earlier, sales were down 36.7 percent for homes and down 39.7 percent for condos and town homes.

With more homes available and fewer selling, the sales pace in September equates to nearly a four-month supply of properties available for sale — more than tripling the supply from one year ago.

So far this year, existing local home sales are down from the same time in 2021. According to LVR, 2021 was a record year for existing home sales in Southern Nevada, with 50,010 homes, condos, town homes and other residential properties selling. That was the first time the association reported more than 50,000 local properties changing hands in a year, and it topped the previous record set in 2011 by nearly 2,000 sales. By comparison, LVR reported 41,155 total sales during 2020.

During September, LVR found that 25.8 percent of all local property sales were purchased with cash. That’s down from 29.1 percent one year ago and is well below the March 2013 cash buyer peak of 59.5 percent.

Aided by restrictions on evictions and foreclosures during the pandemic, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.1 percent of all existing local property sales in September. That compares to 0.4 percent one year ago, 1 percent of all sales two years ago, 2 percent of all sales three years ago, 2.5 percent four years ago and 5.2 percent five years ago.

These LVR statistics include activity through the end of September 2022. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

• The total value of local real estate transactions tracked through the MLS during September was nearly $1.1 billion for homes and more than $153 million for condos, high-rise condos and town homes. Compared to one year ago, total sales values in September were down 31 percent for homes and down 29.9 percent for condos and town homes.

In September, 85.2 percent of all existing local homes and 87.4 percent of all existing local condos and town homes sold within 60 days. That compares to one year ago, when 94.7 percent of all existing local homes and 93.8 percent of all existing local condos and town homes sold within 60 days.

Las Vegas Realtors (formerly known as GLVAR) was founded in 1947 and provides its more than 17,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada.For more information, visit LasVegasRealtor.com.