Housing prices in Las Vegas Valley up slightly in October, with fewer homes sold, report says
By KVVU Staff
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LAS VEGAS, Nevada (KVVU) — Housing prices in the Las Vegas Valley showed a slight increase in October, although fewer homes were sold, according to a new report.
Figures released Tuesday by Las Vegas Realtors showed that the median price of existing single-family homes sold in Southern Nevada in October was $449,000. The price is 2.0% from $440,000 in October of 2022. However, local home prices are still below the all-time record of $482,000 set in May of 2022, the report said.
Las Vegas Realtors reported that the median price of local condos and townhomes sold in October was $275,500, up 3.6% from $266,000 in October of 2022.
According to Las Vegas Realtors president Lee Barrett, a tight housing supply and recently rising mortgage interest rates continue to shape the housing market and may be overshadowing seasonal trends.
“We usually see home prices and sales cool down a bit along with the weather as we head into the fall and winter,” Barrett said. “We’ll see how these traditional trends play out this year. Higher interest rates and a smaller housing supply are playing a bigger role than in past years.”
By the end of October, the report said there were 4,213 single-family homes listed for sale without any sort of offer, which is down 46.7% from the same time last year. Likewise, the 1,195 condos and townhomes listed without offers in October represent a 32.7% decline from one year earlier.
According to the report, a total of 2,173 existing local homes, condos and townhomes were sold in October. Compared to October 2022, sales were down 1.5% for homes, but up 1.3% for condos and townhomes, the report noted.
LVR said that the sales pace in October equates to more than a two-month supply of properties available for sale. Last year at this time, according to the report, Southern Nevada had more than a four-month housing supply.
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