LAS VEGAS (KLAS) — Home prices dropped for the second month in a row, hitting $465,000 in July, according to figures released Tuesday by Las Vegas Realtors (LVR).
The price has fallen 3.1% in a single month.
“We’re definitely seeing a shift in the housing market,” LVR President Brandon Roberts said. “We haven’t seen prices slow down like this in several years. And we haven’t had this many homes available for sale since the summer of 2019. This is encouraging news for people looking to buy a home – although rising interest rates and today’s prices still present challenges for many potential buyers.”
Condos and townhomes are following the trend, with the median price at $271,800 — down 2.9% from prices in June.
LVR’s report provides a look at prices for existing homes. Prices for homes in new housing developments are not factored in. The “median price” refers to the price that’s right in the middle — half the homes sell for more, and half the homes sell for less.
LVR reported a total of 2,672 existing local homes, condos and townhomes sold in July. Compared to one year earlier, sales were down 38.4% for homes and down 30.6% for condos and townhomes.
As prices fall and fewer homes sell, it’s a sign that prices are stabilizing after many months of increases. Prices are still way up from this time last year, when the median price was $405,000. The median price for a condo or townhome a year ago was $224,250. Home prices reached an all-time high in May at $482,000.
Another result of the slowdown is a higher inventory of homes that are available. Over the past year, inventories were very low, but the current number of homes for sale represents a three-month supply, according to LVR.
During July, LVR found that 32.1% of all local property sales were purchased with cash. That’s up from 31.7% one year ago. While that percentage has been increasing this year, it’s still below the March 2013 cash buyer peak of 59.5%.