LAS VEGAS, Nev. (FOX5) – A new report from Las Vegas Realtors shows that valley home prices fell short of another record in August.
The average price of a single-family home sold in the valley for $476,875, up 6.6% from sales in August 2023. Realtors also noted that it’s just shy of the all-time record of $482,000 set in May 2022.
The median price of local condos and townhomes sold was $292,000, up 1.7% from August 2023 but down from the all-time high of $296,000 set in July.
“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,” said LVR President Merri Perry.
5,268 single-family homes and 1,640 condos and townhomes were listed for sale in August without any offers, according to the report.
LVR also 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,” the report noted.
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