A report released recently by Las Vegas REALTORS® (LVR) shows local home prices and sales have continued to post monthly declines.
The median price of existing single-family homes sold in Southern Nevada through the Multiple Listing Service (MLS) throughout October was $440,000. That is a 2.2% decrease from Sepetember. The median home price is still up 7.3% from one year ago.
As for condos & townhomes, the median price in October was $266,000. That is a 1.5% decrease. Condo and townhome pricing is still up 12.7% from last year.
The cool down continues as mortgage interest rates fluctuate and people remain feeling uncertain about our market. Prices have fallen since the Southern Nevada housing market hit its peek in May 2022. There are now more homes on the market and fewer homes are selling. We will likely see more sales as things stabelize through the beginning of the first quarter 2023. With prices falling only slightly it is unlikely we will see any “deep discounts” that some people are anxiously hoping for.