B
ased on recent data from the Las Vegas Realtors (LVR), the median price of existing single-family homes sold in Southern Nevada during July 2024 was $480,000, which is a 6.7% increase from $450,000 in July 2023. This figure is approaching the all-time high of $482,000 set in May 2022. The median price of local condos and townhomes sold during the same period was $296,000, representing an 8.2% increase from $273,500 in July 2023. This figure surpasses the all-time high of $295,000 set in May and tied in June.

    LVR President Merri Perry stated that housing prices have been rising both locally and nationally despite elevated mortgage interest rates this year. She believes that prices for homes in Southern Nevada will soon follow the trend set by condos and townhomes, which have been at record levels since May. Perry also noted that there are more homes available for sale, which is a positive development for home buyers.

    By the end of July, LVR reported a 31.5% increase in single-family homes listed for sale without any offers, bringing the total to 4,634 units. This is a significant jump from one year earlier when only 3,517 units were listed. Similarly, there was a 70% increase in condos and townhomes listed without offers, bringing the total to 1,481 units. This is a significant increase from one year earlier when only 863 units were listed.

    LVR reported a total of 2,764 existing local homes, condos, and townhomes sold in July, representing a 5.1% increase for homes and a 1.5% increase for condos and townhomes compared to July 2023. This translates to a housing supply of just over two months. Last year at this time, the supply was less than two months.

    Home sales have been rebounding since most of 2024, after experiencing a slowdown in 2023. LVR reported a total of 29,069 sales of existing local homes, condos, and townhomes in 2023, down from 35,584 total sales in 2022. This followed a record year for existing local home sales in 2021 when LVR reported 50,010 total properties were sold.

    During July, LVR found that 25.1% of all local property sales were cash transactions, which is the same percentage as one year ago but well below the July 2013 cash buyer peak of 59.5%. The number of so-called distressed sales remains near historically low levels, with LVR reporting that short sales and foreclosures combined accounted for only 0.8% of all existing local property sales in July. This is comparable to one year ago, two years ago, three years ago, four years ago, and five years ago when the percentage was also 0.8%.

    These LVR statistics cover activity through the end of July 2024 and include data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other market highlights include:

    - The total value of local real estate transactions tracked through the MLS during July was more than $1.3 billion for homes and more than $192 million for condos, high-rise condos, and townhomes. Compared to one year earlier, total sales values in July were up 14.3% for homes and up 5.9% for condos and townhomes.

    - In July, 86.5% of all existing local homes and 81.8% of all existing local condos and townhomes sold within 60 days. This is comparable to one year earlier when 83.2% of all homes and 85.6% of all condos and townhomes sold within 60 days.