LAS VEGAS (KLAS) — After jumping $10,000 or more every month so far in 2022, Las Vegas home prices slowed their steep climb — but just slightly. The number of properties sold dropped nearly 9% compared to last year, but the value of those properties was higher.
A report from Las Vegas Realtors (LVR) said Tuesday that the median home price set another record at $482,000, a $7,000 increase over the previous month. Prices are up 25.2% over one year ago, when the median price was $385,000.
Condos and townhomes also set a new record, rising by $10,000 to $285,000 — a 39% increase over May 2021, according to LVR.
The LVR report excludes sales of new homes, focusing only on sales of existing single-family homes. The median price is the price in the middle — half sell for more, and half sell for less.
LVR notes that by the end of May, 3,750 single-family homes were listed for sale without any offer — up more than 75% from May 2021. On the condo/townhome market, 797 properties had no offers — up more than 50% from last year.
“The slowdown in sales and increase in our housing supply are signs that things may be starting to calm down a bit,” said Brandon Roberts, LVR president.
“Even though prices are still going up, it’s welcome news for potential buyers to see more homes on the market. As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unsustainable,” Roberts said. Still, he described inventory as “tight.”
LVR reported 3,758 homes, condos and townhomes sold in May. Compared to one year earlier, sales were down 8.8% for homes and down 6.6% for condos and townhomes.
At the same time, homes have been selling faster than previous years, according to LVR. In May, 96% of all existing local homes and nearly 98% of all existing local condos and townhomes sold within 60 days.