T
he Southern Nevada housing market is showing signs of stabilization, with home prices holding steady and inventory on the rise. According to Las Vegas Realtors (LVR), the median price of existing single-family homes sold in May remained unchanged from April at $480,000, a 1.5% year-over-year increase from May 2024.

    Condo and townhome sales also posted solid numbers, with a median sales price of $307,000 in May, up 4.1% from the previous year. However, this figure still lags behind the peak of $315,000 seen in October 2024.

    LVR President George Kypreos notes that "home prices have been very steady so far this year, with more homes on the market." This increase in inventory and slower sales pace is giving buyers more options and negotiating power. In fact, the number of homes available without offers has surged, with 6,646 single-family homes listed for sale without offers by the end of May - a 71.8% jump from last year.

    Condo and townhome inventory also saw significant growth, with 2,510 units listed without offers, marking an 89.6% increase year-over-year. Sales activity has cooled, with 2,646 existing homes sold in May, down 13.1% for single-family homes and 19.0% for condos and townhomes compared to the same period last year.

    The current pace of sales represents nearly three and a half months of available housing supply, a notable increase from less than two months at this time last year. This trend is part of a broader shift in the market's volatility over the past five years, with LVR recording 31,305 existing home sales in 2024, up from 29,069 in 2023.

    Other key market highlights for May include:

    * Speed of Sales: 81.6% of single-family homes and 76.5% of condos and townhomes sold within 60 days.

    * Cash Buyers: 22.8% of all sales were cash transactions, down from 25.7% in May 2024.

    * Distressed Sales: Foreclosures and short sales combined accounted for just 0.6% of all existing sales.

    As inventory builds and buyer competition cools, Las Vegas may be entering a new phase of market equilibrium - marking a shift from the frenzied pace of recent years to a more measured, buyer-friendly landscape.