The median price for an existing home in the Las Vegas Valley was nearly $100,000 more last month than it was in May 2021, according to a report released this morning.

According to the Las Vegas Realtors trade group, the median price for a home here was $482,000 in May, up 25% from $385,000 during the same month last year.

Continuing the recent trend, May’s figure set a fresh record for home prices in Southern Nevada.

Since bottoming out at $118,000 during the fallout from the Great Recession in early 2012, the median price for a home in the Las Vegas area has more than quadrupled.

Trade group president Brandon Roberts said in a news release that the housing market has shown signs of easing a bit.

“The slowdown in sales and increase in supply are signs that things may be starting to calm down,” Roberts said. “Even though prices are still going up, it’s welcome news for potential buyers to see more homes on the market. The rate of appreciation we’ve seen over the past year or two seems unsustainable.”

At the end of last month, nearly 3,600 homes were listed for sale without any type of offer. That represented a jump of 76% from May 2021.

Just under 800 condominiums and townhomes were listed without an offer at the end of May, according to the report, a 51% increase from the same month last year.

The median price of a condo or townhome in the valley was $285,000 in May, also a record for the area.

Just under 3,800 homes — detatched homes and condos and townhomes — sold in the area in May. That represented a slight decrease, around 7%, from May 2021.

The area’s housing market has about a one-month supply of properties for sale, which is far from what would be considered a balanced market, Roberts said.

Last year, just over 50,000 properties were sold in the valley, which was a record, though sales are so far trending to come in below that figure, Roberts said.

Largely because of the coronavirus pandemic, sales topped out at just over 41,000 in the valley in 2020.





Source link

By admin

Leave a Reply

Your email address will not be published.