A report released Friday by Las Vegas REALTORS® (LVR) shows local home prices stopped short of hitting a record high in August, with more homes available for sale.
LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during August was $476,875. That’s up 6.6% from $447,435 in August of 2023, but still short of the all-time record of $482,000 set in May of 2022.
The median price of local condos and townhomes sold in August was $292,000. That’s up 1.7% from $287,000 in August 2023, but down from the all-time high of $296,000 set in July.
LVR President Merri Perry, a longtime local REALTOR®, is looking forward to the possibility of lower mortgage interest rates helping the housing market.
“For the most part, home prices have been rising locally and nationally this year, even with mortgage interest rates being higher than they were in previous years,” Perry said. “We’re hoping homes will soon become at least somewhat more affordable for buyers – assuming interest rates start to decline this fall as national experts are expecting.”
By the end of August, LVR reported 5,268 single-family homes listed for sale without any sort of offer. That’s up 35.7% from one year earlier. Meanwhile, the 1,640 condos and townhomes listed without offers in August represent a 67.7% increase from one year earlier.
LVR reported a total of 2,711 existing local homes, condos and townhomes sold in August. Compared to August 2023, sales were up 6.4% for homes, but down 10.5% for condos and townhomes. The sales pace in August equates to a housing supply of about two and a half months. Last year at this time, it was less than a two-month supply of properties available for sale.
For most of 2024, home sales have been rebounding from 2023, which was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.
During August, LVR found that 24.1% of all local property sales were cash transactions. That’s down from 26.0% one year ago and well below the August 2013 cash buyer peak of 59.5%.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 0.6% of all existing local property sales in August. That compares to 1.6% one year ago, 0.2% two years ago, 0.3% three years ago, 1.2% four years ago and 2.1% five years ago.
These LVR statistics include activity through the end of August 2024. LVR distributes statistics each month based on 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 highlights include:
- The total value of local real estate transactions tracked through the MLS during August was more than $1.2 billion for homes and nearly $175 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in August were up 4.6% for homes, but down 10.4% for condos and townhomes.
- In August, 86.5% of all existing local homes and 82.9% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 85.3% of all homes and 88.5% of all condos and townhomes sold within 60 days.
About LVR
Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 16,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.
