Report: Single-family homes in Vegas sold for $450K on average in July


Ross Mantle / The New York Times

The Las Vegas skyline and homes are shown from over the ridge of a construction site for a new residential community at the edge of North Las Vegas, Aug. 11, 2018.

Tue, Aug 8, 2023 (5 a.m.)

The median sales price of existing single-family homes in Southern Nevada was $450,000, increasing 2% from the previous month but down just over 3% compared to the same time last year, according to a report from Las Vegas Realtors.

The median price of local condos and townhomes sold was $273,500, the report said, for a small increase from July 2022.

“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,” the organization’s president, Lee Barrett, said in a statement.

More than 3,500 single-family homes and exactly 871 condos and townhomes were listed without offers in July.

Over 80% of all existing local homes and over 85% of all existing local condos and townhomes sold within 60 days last month, down 95.2% and 95.7%, respectively, from a year earlier

Fewer homes are changing hands, with sales down 1.2% for homes compared to July 2022, according to the report.

The report ultimately displays a tight housing supply, with rising mortgage interest rates, Barrett said.

“The biggest issue we’re facing is still inventory,” he said in a statement. “We could use more homes to sell.”

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