LAS VEGAS (KLAS) — Home prices dropped by $15,000 in one month in the Las Vegas valley, continuing a trend that started in June.
In that time, the median home price of a single-family home has tumbled 6.6% from its peak at $482,000 at the end of May. The price is now at $450,000, according to a report released Wednesday by Las Vegas Realtors (LVR).
Since June, condos and townhomes have dropped from $285,000 to $264,900, according to the report. Those prices are down 7%.
In a sign that buyers might be waiting it out to see how low prices can go, LVR reported that sales of homes, condos and townhomes were down 37.5% compared to August of 2021. Almost 8,000 single-family homes are listed for sale without any sort of offer. That’s up 145.6% from the same time last year. More than 1,800 condos and townhomes are listed without offers — a 163.8% jump from a year earlier.
LVR President Brandon Roberts said the housing market is “slowly giving back some of the big gains we saw over the last few years.”
Rising interest rates have resulted in the market “stabilizing,” Roberts said.
But while sales have slowed dramatically, they haven’t stopped. A total of 2,613 homes, condos and townhomes sold in August. LVR notes that 92.6% of homes and 93.6% of condos and townhomes sold within 60 days.
It’s a positive sign for prospective homeowners who couldn’t compete with other buyers who offered more than the listed price. It’s also an opening for people who have been priced out of the market. Continued drops in prices mean opportunities for buyers in that situation. The supply of available homes has grown to
Month-to-month comparisons show single-family homes down 3.2% from July prices, and condos and townhomes down 2.5%. Prices remain far above where they were in the recession, when the median home price plunged to $118,000 in 2012.
In August, 27.4% of all local property sales were purchased with cash, according to LVR. That’s down from August 2021 and well below the March 2013 cash buyer peak of 59.5%.
Median price means the price in the middle — half the prices were higher and half the prices were lower.
LVR’s report deals only with existing homes. It doesn’t include new construction.