Home sales show signs of life in Las Vegas Valley

Home sales are showing signs of life in the Las Vegas Valley, according to new data.

The number of single-family homes sold in February was up 28.2 percent from January of this year, according to Multiple Listing Service data provided by the Las Vegas Realtors. Sales also were up 10.1 percent from February 2023.

LVR President Merri Perry said it is a good sign to see sales going up given the current climate of high interest rates, rising mortgage rates and a chronic lack of supply across the U.S.

“It’s encouraging to see that we’re selling more homes so far this year, even with the headwinds we’ve been facing in the housing market,” Perry said. “Here’s hoping our national experts are right in predicting that things will continue to pick up as we head into the spring and summer months, when we traditionally see sales increase.”

Sales of condos and townhomes are also up, as there was an 11.3 percent increase in sales from January of this year, which is a 17.8 percent increase from February of last year.

Last year the valley had its worst year for sales since the Great Recession in 2008 as the housing market deals with elevated interest rates and many homebuyers locked into low-rate mortgages they obtained during the pandemic.

New listings are also up in the valley as there was a 4.2 percent increase from January of this year, which is a 12.9 percent increase from February 2023. The average list price for a single-family home is up 15.2 percent from February 2023, a 0.4 percent increase from January.

Nationally, Redfin has reported that new listings of homes have risen 13 percent year over year up until the end of February, the biggest increase in nearly three years, however high costs pushed pending sales down 8 percent.

“That’s welcome news for homebuyers, who have been battling the dual challenges of low inventory and high mortgage rates for over a year,” a new Redfin report stated. “But while today’s buyers have a few more homes to choose from, they’re still facing historically high housing costs. The typical homebuyer’s mortgage payment is $2,671, just $47 shy of last October’s record high.”

Mortgage rates for a 30-year fixed rate are still above 7 percent, a number that has risen month over month and is up from one year ago.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.