Home prices staying hot, with more available for sale

LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during June was $475,000. That’s up 7.7 percent from $440,990 in June of 2023. Local home prices are approaching the all-time record of $482,000 set in May of 2022.

The median price of local condos and town homes sold in June was $295,000, up 7.3 percent from $275,000 in June 2023. That ties the all-time high set in May.

LVR President Merri Perry, a longtime local Realtor, said local housing prices have been increasing, even with mortgage interest rates rising this year.

“Fortunately, our local housing market has been outperforming most of the country in a few key ways,” Perry said. “For example, home sales have been down nationally and approaching some of the lowest levels on record. Here in Southern Nevada, we’ve been selling more homes this year than we did last year. And unlike much of the nation, homes here have actually been selling faster than they were at the same time last year. At the same time, we’re seeing more homes available for sale, which is good news.”

By the end of June, LVR reported 4,114 single-family homes listed for sale without any sort of offer. That’s up 11.8 percent from one year earlier. Meanwhile, the 1,367 condos and town homes listed without offers in June represent a 47 percent increase from one year earlier.

LVR reported a total of 2,698 existing local homes, condos and town homes sold in June. Compared to June 2023, sales were down 8.7 percent for homes and down 6.3 percent for condos and town homes. The sales pace in June equates to a two-month housing supply, which is slightly more than one year ago but still considered tight by historical standards.

Heading into the summer, home sales have been rebounding from 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and town homes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.

During June, LVR found that 26.6 percent of all local property sales were cash transactions. That’s up from 25.1 percent one year ago but well below the June 2013 cash buyer peak of 59.5 percent.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.1 percent of all existing local property sales in June. That compares to 1.2 percent one year ago, 0.5 percent two years ago, 0.7 percent three years ago, 2.2 percent four years ago and 2.2 percent of all sales five years ago.

These LVR statistics include activity through the end of June 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

■ The total value of local real estate transactions tracked through the MLS during June was nearly $1.3 billion for homes and nearly $192 million for condos, high-rise condos and town homes. Compared to one year earlier, total sales values in June were up 3.1 percent for homes and up 1.1 percent for condos and town homes.

■ In June, 86.9 percent of all existing local homes and 83 percent of all existing local condos and town homes sold within 60 days. That compares to one year earlier, when 81.3 percent of all existing local homes and 82.6 percent of all existing local condos and town homes sold within 60 days.

Las Vegas Realtors (formerly known as Greater Las Vegas Association of Realtors) was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of Realtors, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit LasVegasRealtor.com.