LAS VEGAS, Nev. (FOX5) – With home prices in Southern Nevada at a near record high, more people are using down payment assistance programs.
According to a new report from Las Vegas Realtors, the median price for a single-family home sits around $480,000. That’s up 6.7 percent from July 2023, where median prices hovered at $450,000.
Condos and townhomes were sold at a median price of $296,000, up 8.2% from $273,500 in July 2023.
Mckenzie Chipman, 22, was able to buy a condo thanks to the first-time homebuyer program.
“I get to be on my own, have my own space, I get to pay for it,” she said. “It helps a lot because I am not going to be able to save thousands of dollars by myself with everything being so expensive now.”
The state of Nevada offers a few first-time homebuyer programs, including the Home Is Possible (HIP) program. Nearly 2,000 people used the program over the past two years, according to Nevada Housing Division.
Jason Mevorah, a mortgage loan originator at Prosperity Lending says a lot of buyers are unaware of what options are available.
“A lot of people think that they need to have a lot of money to put towards a home, like 20 percent of their purchase, that is actually not the case,” he said.
The average interest rate on a 30-year, fixed-rate mortgage fell to 6.5% this week, the lowest level since May of 2023. Mevorah says this could be in response to market speculation that the Federal Reserve will be lowering rates soon.
“The good news is when rates go down that means that your mortgage payment goes down, so it is a little bit more affordable for everybody out there, bad news is that more and people are going to be hitting the market, and right now inventory is low,” he added.
For Chipman, it was helpful finding a housing expert who can guide you through the process.
“Researching your options more, and seeing what is actually out there,” she said.
Most of the down payment assistance programs offered do require a minimum credit score and there are income restrictions.
The Federal Reserve is expected to make an interest rate decision at its next meeting in September.
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