LAS VEGAS (KLAS) — Home prices stayed about the same for the third straight month but condominiums and townhomes are still on a bit of a roller coaster, according to October figures released Tuesday by Las Vegas Realtors (LVR).
Condos/townhomes bounced back up $5,500 over September prices, with the median price hitting $275,500 in October. In August, prices set a record at $287,000 after increasing nearly $15,000 in a single month.
Single-family homes dropped just slightly — $1,000 — to a median price of $449,000 in October. The prices has been $450,000 or just below that since August.
Single-family homes are holding their value more than a year ago, when prices were in retreat after peaking in the spring of 2022. Since then they reached their lowest point in February. Prices have been fairly stable since growing by about $25,000 between February and July.
A tight housing supply and rising mortgage interest rates are continuing to shape the housing market, according to LVR President Lee Barrett.
“We usually see home prices and sales cool down a bit along with the weather as we head into the fall and winter,” Barrett said. “We’ll see how these traditional trends play out this year. Higher interest rates and a smaller housing supply are playing a bigger role than in past years.”
Compared to last year at this time, single-family homes are priced 2.0% higher, while condos/townhomes are getting 3.6% more.
All prices from LVR are for existing homes sold through the Multiple Listing Service (MLS) — prices for newly constructed homes are not included. The median price is the one in the middle — half are higher and half are lower.
LVR notes that fewer homes are selling compared to October 2022.
By the end of October, LVR reported 4,213 single-family homes listed for sale without any sort of offer, down 46.7% from the same time last year. Likewise, the 1,195 condos and townhomes listed without offers in October represent a 32.7% decline from one year earlier. LVR reported a total of 2,173 existing local homes, condos and townhomes sold in October. Compared to October 2022, sales were down 1.5% for homes, but up 1.3% for condos and townhomes.
In October, 84.5% of all existing local homes and 85.4% of all existing local condos and townhomes sold within 60 days.
The sales pace in October equates to more than a two-month supply of properties available for sale. Last year at this time, Southern Nevada had more than a four-month housing supply.
During October, LVR found that 26.6% of all local property sales were cash transactions. That’s up from 25.5% one year ago and well below the May 2013 cash buyer peak of 59.5%.