Las Vegas home prices, listings continue to rise
Home prices and new listings continue to rise, according to the latest data from Las Vegas Realtors.
The median price for a single-family home in Southern Nevada as reported by the Multiple Listings Service in August was $476,875. This is a 6.6 percent increase from August of last year and inching closer to the record high set in May 2022 ($482,000).
LVR President Merri Perry said the industry is waiting for an interest rate cut in September from the Federal Reserve to help jolt the market.
“For the most part, home prices have been rising locally and nationally this year, even with mortgage interest rates being higher than they were in previous years,” she said. “We’re hoping homes will soon become at least somewhat more affordable for buyers — assuming interest rates start to decline this fall as national experts are expecting.”
LVR also reported a 35.7 percent increase in the number of homes on the market as of the end of August (5,268). The report said the “sales pace in August equates to a housing supply of about two and a half months. Last year at this time, it was less than a two-month supply of properties available for sale.”
According to Redfin, Las Vegas had a 15.4 percent increase in new home listings from a year earlier. Of major U.S. metropolitan areas, only San Diego (17.4 percent) had a higher growth rate.
Redfin reports the 30-year fixed mortgage rate is at 6.38 percent, which is near its lowest level since spring 2023 and down from 7.06 percent a year earlier.
Condo and townhome prices may have peaked in Southern Nevada. The median sale price in August was $292,000, which is up 1.7 percent from August of last year but down from the all-time high of $296,000 set in July.
Close to a quarter of all of the homes sold in Southern Nevada last month were all-cash buyers, which is down from 26 percent a year earlier and still way off the historic high of 59.5 percent set in 2013.
Last year, Southern Nevada had its worst year for real estate sales since 2008, and the valley finds itself in the middle of a housing crisis due to a lack of land to develop homes and a pinched resale market.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.