Las Vegas Home Prices Stopped Declining in September

Las Vegas Home Prices Stopped Declining in September

Residential News » Las Vegas Edition | By WPJ Staff | October 7, 2022 7:51 AM ET

Based on new data from the Las Vegas Realtors, local area home prices in September 2022 are holding steady after declining for three straight months, with fewer properties selling and more available for sale.

LVR reported that the median price of existing single-family homes sold in Southern Nevada during September 2022 was $450,000. That's unchanged from August, but down from the all-time record price of $482,000 in May. The median home price is still up 10.7% from $406,500 one year ago.

The median price of local condos and townhomes sold in September was $270,000. That's up 1.9% from the previous month, but down from the all-time record price of $285,000 in May. Condo and townhome prices are up 17.4% from $230,000 in September 2021.

"It's interesting to see local home prices level off, at least for now. Home prices and sales had generally been declining since mortgage interest rates started rising," said LVR President Brandon Roberts. "The good news for buyers is that it has been at least three years since we've had this many homes available for sale."

He added that local home prices are still nearly four times higher than during their post-recession bottom in January of 2012, when the median single-family home price in Southern Nevada was $118,000.
By the end of September, LVR reported 8,121 single-family homes listed for sale without any sort of offer. That's up 134.5% from the same time last year. Likewise, the 1,849 condos and townhomes listed without offers in September represent a 194.4% jump from one year earlier.
LVR reported a total of 2,554 existing local homes, condos and townhomes sold in September. Compared to one year earlier, sales were down 36.7% for homes and down 39.7% for condos and townhomes. 
With more homes available and fewer selling, the sales pace in September equates to nearly a four-month supply of properties available for sale - more than tripling the supply from one year ago.
So far this year, existing local home sales are down from the same time in 2021. According to LVR, 2021 was a record year for existing home sales in Southern Nevada, with 50,010 homes, condos, townhomes and other residential properties selling. That was the first time the association reported more than 50,000 local properties changing hands in a year, and it topped the previous record set in 2011 by nearly 2,000 sales. By comparison, LVR reported 41,155 total sales during 2020.

During September, LVR found that 25.8% of all local property sales were purchased with cash. That's down from 29.1% one year ago and is well below the March 2013 cash buyer peak of 59.5%.

Aided by restrictions on evictions and foreclosures during the pandemic, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.1% of all existing local property sales in September. That compares to 0.4% one year ago, 1.0% of all sales two years ago, 2.0% of all sales three years ago, 2.5% four years ago and 5.2% five years ago.

These LVR statistics include activity through the end of September 2022. 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 Las Vegas highlights include:

  • The total value of local real estate transactions tracked through the MLS during September was nearly $1.1 billion for homes and more than $153 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales values in September were down 31.0% for homes and down 29.9% for condos and townhomes.
  • In September, 85.2% of all existing local homes and 87.4% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 94.7% of all existing local homes and 93.8% of all existing local condos and townhomes sold within 60 days.

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