LAS VEGAS (KLAS) — Home prices went up in July, rising a little more than $9,000 in a month to hit $450,000, according to Las Vegas Realtors (LVR).
Condominiums and townhomes dropped by $1,500 since June, with the median price now at $273,500.
The LVR report describes the market as stable. “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,” LVR President Lee Barrett said.
“The biggest issue we’re facing is still inventory. We could use more homes to sell,” he said.
With single-family homes going in one direction (up 2.0%) and condos/townhomes the other (-0.5%), there are mixed signals this month.
Nationwide, existing monthly home sales dropped 3.3%, according to Forbes.com. The market is “competitive” despite higher interest rates, and those rates could go higher as the government looks to stop inflation.
In Las Vegas, sales were down 1.2% compared to July 2022. But sales of condos and townhomes increased by 0.7%. Month-to-month comparisons show sales down 9.7% since June.
The LVR report includes information on existing single-family homes. It does not include new construction. The median price is the one in the middle — half are higher and half are lower.
While the median price of single-family homes is still $32,000 below the peak of $482,000 in May of 2022, this month’s $9,000 jump indicates there’s still high demand for a relatively low number of available homes. Barrett calls it “a persistent tight housing supply.”
Less than a two-month supply of properties is available for sale. And some of those properties have been on the market for a while: 3,524 single-family homes are currently listed for sale without any sort of offer. Another 871 condos and townhomes are on the market without an offer. Both figures are lower than last month, far below conditions a year ago, when inventories were around a one-month supply.
LVR’s report indicates a quarter of all local property sales were purchased with cash, down from 32.1% one year ago and well below the May 2013 cash buyer peak of 59.5%. That suggests that investors have been less active in the Las Vegas housing market.
In July, 83.2% of homes and 85.6% of condos/townhomes sold within 60 days, according to the report. That’s down from a year earlier when 95.2% of homes and 95.7% of condos/townhomes sold within 60 days.