January Real Estate Sales

L.E. Baskow

A house is shown for sale Tuesday, Feb. 9, 2016, in Las Vegas.

The price of homes in Southern Nevada held steady in September, according to a report released today.

The median price for an existing home in the Las Vegas Valley was $450,000 last month, the same as in August, according to the Las Vegas Realtors trade organization.

September’s figure broke a string of three consecutive months where the median price fell from a record high of $482,000 in May.

The price last month is still up 11% from $406,500 in September 2021.

In a statement, Las Vegas Realtors President Brandon Roberts noted that home prices leveled off following a series of interest rate hikes this year by the Federal Reserve.

As of this week, the interest rate for a 30-year fixed mortgage, the most popular mortgage agreement, was 6.7%, more than double what it was in October 2021, according to Freddie Mac.

“Home prices and sales had generally been declining since mortgage rates started rising,” Roberts said. “The good news for buyers is that it has been at least three years since we’ve had this many homes available for sale.”

At the end of last month, Las Vegas Realtors reported more than 8,100 detached homes were listed without any type of offer. That was up 135% from September 2021.

Close to 1,850 condos and townhomes were for sale at the end of the September with no offers, a nearly 200% spike from the same time last year.

The price for a condominium or townhome in Southern Nevada was $270,000 last month, up 2% from August but down from a record median price of $285,000 in May.

The price of a condo or townhome is up more than 17% from September 2021.

The price for an existing home in Las Vegas is close to four times what it was in early 2012, when the housing market bottomed out.

For January 2012, the median price for a home in Las Vegas was just $118,000.

Home sales, including condos and townhomes, were down about 40% in September from the same month in 2021, according to the Realtor trade group.

The group said the Las Vegas market now has about a four-month supply of properties for sale, more than triple the supply a year ago.

A record of just over 50,000 homes, including condos and townhomes, sold in Southern Nevada in 2021.

Through the first nine months of 2022, sales are not on track to top the 50,000 mark.

Formerly known as the Greater Las Vegas Association of Realtors, the Las Vegas Realtors group has over 17,000 members. It was founded in 1947.





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