LAS VEGAS, Nev. (FOX5) – While Southern Nevada home prices continued to decrease in October, condo and townhome prices are reaching new records.
Las Vegas Realtors reported a year-over-year increase in single-family home prices, though monthly data shows a brief dip. In October, median prices sat at $475,531, which reflects a 5.9% year-over-year increase but a minor decrease when compared to September 2024.
Median prices for local condos and townhomes set another record in October at $315,000. This marks a 14.3% increase in year-over-year prices and passes the previous record set in September.
LVR President Merri Perry said “It will be interesting to see what happens to the housing market now that the election is ending, since many national reports have suggested that uncertainty surrounding the election has made many would-be buyers pause their plans. As this month’s report shows, recent trends are showing steady increases in inventory and sales surpassing last year’s levels.”
Over 5,784 single-family homes and 1,799 condos and townhomes remained on the market without any offers at the end of October.
On the other hand, 2,458 existing homes, condos, and townhomes were sold last month. Realtors say sales equate to a housing supply of just over three months, marking a stark increase from last year’s two-month supply.
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