Las Vegas home prices close to new high; condos, townhomes set record

As of the end of July, the median price of a single-family house in the valley sits at $480,000 — just $2,000 off the all-time record set in May 2022 and up 6.7 percent from $450,000 in July 2023, the trade group reported.

The median price of local condos and townhomes sold in July did set a record. The median price in July was $296,000, up 8.2 percent from July 2023. That tops the all-time high of $295,000 set in May and tied in June.

LVR president Merri Perry said in a press release announcing the monthly statistics, which pull from the Multiple Listings Service, that two things are going up across the board: prices and new listings.

“It looks like prices for homes here in Southern Nevada will soon follow what’s already occurred with condos and townhomes, which have been at record levels since May,” Perry said. “One bright spot for home buyers in this month’s report is that we continue to see more homes hitting the market and available for sale.”

By the end of July, LVR reported 4,634 single-family homes listed for sale without any sort of offer. That’s up 31.5 percent from one year earlier. Meanwhile, the 1,481 condos and townhomes listed without offers in July represent a 70 percent increase from one year earlier.

Among major metro areas, Las Vegas leads the nation in the rate of new listings, according to Redfin, which reported a 17.5 percent increase year over year ending July 28. Las Vegas topped San Jose (17.3 percent) and Jacksonville (16.1 percent).

The LVR reports said 2,764 homes of all kinds were sold in July, a 5.1 percent increase from the same month last year and a 2.5 percent increase from June of this year.

The median monthly housing payment across the country may have peaked as Redfin has reported that the average mortgage payment was $2,667 during the four weeks ending July 28, the lowest level since March.

“Payments are declining because mortgage rates and sale prices are falling,” read the report. “The weekly average mortgage rate is 6.78 percent, down from May’s five-month high of 7.22 percent. The median home-sale price is $392,563, down nearly $4,000 from its early July peak.”

Redfin’s report further outlined that even though mortgage rates are improving, national sales are still down 5.7 percent year over year, which is the biggest decline in nine months.

“That’s largely because even though it’s more affordable to buy a home now than it was in the spring, prices and payments are still near record highs. Additionally, Redfin agents report that some prospective buyers, wary of political uncertainty, are waiting until after the presidential election to purchase a home.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.