In this month’s recent release by Las Vegas REALTORS® (LVR), the housing market in the local area shows signs of stability as the summer season kicks off, accompanied by a noticeable decline in home transactions.
The data from LVR highlights that during June, the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) settled at $440,990. This marks a slight 0.3% dip from May and a more significant 8.1% decrease from the $480,000 figure reported in June 2022. Although local home prices had experienced an upward trajectory in previous months, they still remain below the all-time peak of $482,000 set in May 2022.
In the same month, the median price of local condos and townhomes that changed hands remained steady at $275,000, mirroring the price recorded in May. However, this figure represents a 1.8% decline from June 2022 and remains below the historical high for condo and townhome prices, which was $285,000, also noted in May 2022.
LVR President Lee Barrett, an experienced local REALTOR®, emphasized that these statistics underscore the persistent scarcity of housing inventory coupled with sustained demand for housing in Southern Nevada. Barrett commented, “After a gradual increase over the past couple of months, it appears that local home prices have reached a plateau, at least for now. The number of homes being sold and those available for sale remained remarkably consistent compared to the previous month. While builders are making efforts to bring more new homes to the market, the need for more homes available for sale persists.”
By the close of June, LVR reported 3,680 single-family homes listed for sale without any offers, representing a 1.0% increase from the previous month but a substantial 36.0% decrease from the same period in the previous year. Similarly, the 930 condos and townhomes listed without offers in June experienced a 0.5% uptick from May but a 30.6% decline from one year earlier.
Concurrently, there has been a decrease in the number of homes changing hands. LVR reported a total of 2,939 existing local homes, condos, and townhomes sold in June, reflecting a 14.1% decrease in home sales compared to June 2022 and a 12.2% decrease for condos and townhomes.
The sales pace in June indicates a supply of available properties for sale equivalent to less than two months, a decline from the just over a two-month housing supply reported in Southern Nevada at the same time the previous year.
Contact Zak for more analytics and details regarding your specific real estate interests.