Las Vegas Area Home Prices, Sales Remain Relatively Flat in July

Las Vegas Area Home Prices, Sales Remain Relatively Flat in July

Residential News » Las Vegas Edition | By Michael Gerrity | August 8, 2023 7:04 AM ET

Based on new data by Las Vegas Realtors, local Southern Nevada home prices continued to bounce around in July 2023, higher than the previous month, but lower than last year.

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during July was $450,000. That's up 2.0% from June, but down 3.2% from $465,000 in July of 2022. Local home prices are still below the all-time record of $482,000 set in May of 2022.

The median price of local condos and townhomes sold in July was $273,500. That's up 0.6% from $271,800 in July of 2022, but still below the all-time record condo and townhome price of $285,000, also set in May 2022.

LVR President Lee Barrett, said these statistics reflect a persistently tight housing supply, along with recently rising mortgage interest rates.

"Even with mortgage interest rates being higher than they were a year or two ago and leading to fewer homes being sold, the local housing market seems pretty stable," Barrett said. "The biggest issue we're facing is still inventory. We could use more homes to sell."

By the end of July, LVR reported 3,524 single-family homes listed for sale without any sort of offer. That's down 4.2% from the previous month and down 51.9% from the same time last year. Likewise, the 871 condos and townhomes listed without offers in July represent a 6.3% decrease from June and a 46.2% decline from one year earlier.

Meanwhile, fewer homes are changing hands. LVR reported a total of 2,651 existing local homes, condos and townhomes sold in July 2023. Compared to July 2022, sales were down 1.2% for homes, but up 0.7% for condos and townhomes.

The sales pace in July equates to less than a two-month supply of properties available for sale. Last year at this time, Southern Nevada had more than a three-month housing supply.

Local home sales are on pace to be lower than they were in 2022, when LVR reported 35,584 total sales. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 homes, condos, townhomes and other residential properties were sold. That was the first time LVR reported more than 50,000 local properties selling in a year. It topped the previous record set in 2011 by nearly 2,000 sales.

During July, LVR found that 25.1% of all local property sales were purchased with cash. That's down from 32.1% one year ago. It's also well below the May 2013 cash buyer peak of 59.5%, suggesting that investors have been less active in the local housing market.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.8% of all existing local property sales in July. That compares to 0.2% one year ago, 0.3% two years ago, 1.2% three years ago, 2.0% four years ago and 2.9% of all sales five years ago.

These LVR statistics include activity through the end of July 2023. 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 market highlights include:

  • The total value of local real estate transactions tracked through the MLS during July was nearly $1.2 billion for homes and more than $181 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in July were up 3.3% for homes and up 6.2% for condos and townhomes.
  • In July, 83.2% of all existing local homes and 85.6% of all existing local condos and townhomes sold within 60 days. That's down from one year earlier, when 95.2% of all existing local homes and 95.7% of all existing local condos and townhomes sold within 60 days.

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