August 2023 Housing Statistics

August 2023 Housing Statistics

A report released on Wednesday by Las Vegas REALTORS® (LVR) indicates the remarkable stability of local home prices, contrasting with the all-time high prices for condos and townhomes. According to LVR, the median price for existing single-family homes sold in Southern Nevada via its Multiple Listing Service (MLS) in August stood at $447,435, marking a 0.6% decline from the $450,000 recorded in August 2022. These home prices remain below the record high of $482,000 established in May 2022.

In August, the median price for local condos and townhomes reached a new peak at $287,000, representing an 8.3% increase from the $264,900 seen in August 2022, surpassing the previous record of $285,000 set in May 2022.

LVR noted that the persistent tight housing supply and recent rises in mortgage interest rates continue to influence the market. They pointed out that home prices have remained relatively stable, while the record-setting condo and townhome prices can be attributed to the strong demand for more affordable housing options surpassing the available supply. Mortgage rates also play a role, but as stated throughout the year, the primary challenge in the local housing market remains the limited housing inventory.

By the end of August, LVR reported 3,881 single-family homes listed for sale without any offers, representing a 51.5% decrease compared to the same period the previous year. Similarly, the number of condos and townhomes listed without offers in August was 978, marking a 46.0% decline from a year ago.

In terms of sales, LVR reported a total of 2,649 existing local homes, condos, and townhomes sold in August. Comparing these figures to August 2022, home sales were up by 0.3%, while condo and townhome sales increased by 4.7%.

The pace of sales in August translated to less than a two-month supply of available properties for sale, a notable decrease from the more than three-month housing supply reported in Southern Nevada at the same time the previous year.

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