In May, the Las Vegas housing market saw prices and inventory rise. The median price for single-family homes reached $473,000, a 7.0% increase from May 2023, though still below the May 2022 peak of $482,000. Condos and townhomes hit another record high of $295,000, up 7.3% from last year.
Sales activity showed growth with 3,091 homes, condos, and townhomes sold, a 3.7% rise in home sales and a 0.9% rise in condo/townhome sales from May 2023. Inventory improved, with 3,869 single-family homes listed for sale, up 6.1%, and 1,324 condos and townhomes listed, a 43.1% increase.
Despite rising mortgage rates, the market remains tight with less than a two-month housing supply, indicating high demand. Cash transactions made up 25.7% of all sales, up from 21.9% last year but below the 59.5% peak in May 2013.
Sales are rebounding from 2023, which saw the slowest sales since 2008 with 29,069 properties sold. The Las Vegas market remains dynamic, with rising prices and increased inventory offering hopeful signs for both buyers and sellers.
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