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recent report by Las Vegas Realtors reveals that condo and townhome prices in the area have reached an all-time high, while home prices narrowly missed their previous peak. According to the report, the median price of existing single-family homes sold through the Multiple Listing Service (MLS) in September was $479,900, a 6.6% increase from last year's median price of $450,000.
However, this figure fell short of the all-time high set in May 2022, when prices reached $482,000. In contrast, condo and townhome prices surpassed their previous record, rising to $299,500 in September, a 10.9% increase from last year's median price of $270,000.
LVR President Merri Perry attributes the interest rate cut announced by the Fed in September as a positive factor for the housing market. While she doesn't expect it to have a dramatic impact, she believes it will help prospective home buyers.
The report also notes that the number of homes listed without offers has increased significantly, with 5,458 single-family homes and 1,731 condos and townhomes listed without offers by the end of September. This represents a 34.2% increase in single-family homes and a 67.2% increase in condos and townhomes compared to last year.
In total, 2,277 existing local homes, condos, and townhomes were sold in September, with home sales down 1.6% from the same period last year and condo and townhome sales down 12.1%. The sales pace equated to a housing supply of just over three months, up from two months last year.
Cash transactions accounted for 24.4% of all local property sales in September, down from 27.9% last year and significantly lower than the peak of 59.5% in September 2013. Distressed sales remained near historic lows, accounting for just 0.8% of all property sales.
The total value of real estate transactions tracked via MLS in September was nearly $1.1 billion for homes and over $148 million for condos, high-rise condos, and townhomes. The total sales value rose 7.1% for homes but declined 6.9% for condos and townhomes compared to last year.
In September, 81.4% of all existing homes and 83.2% of all existing condos and townhomes sold within 60 days, slightly lower than the previous year's figures.
