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Yahoo
3 days ago
- Business
- Yahoo
Las Vegas home prices stable; market shifting toward buyers, LVR says
LAS VEGAS (KLAS) — Home prices held steady in May, remaining within $5,000 of the all-time highs recorded in the first three months of 2025, according to a Friday report from Las Vegas Realtors (LVR). With single-family homes going for a median price of $480,000, buyers for condominiums and townhomes saw a $5,700 increase that put the median price at $307,000, the report showed. The median price is the one in the middle — half are higher and half are lower. 'Home prices have been very steady so far this year, with more homes on the market,' LVR President George Kypreos said. 'This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller's market we experienced in recent years.' LAST MONTH: Las Vegas home prices drop from record highs; more homes for sale That observation was confirmed by a Thursday report from online real estate company Redfin. Nationally, pending home sales declined to their lowest May level since 2020, and mortgage applications declined week-over-week. 'Prospective buyers are backing off because housing costs are near record highs, with the median home-sale price up 1.2% year over year and the weekly average mortgage rate approaching 7%, and because the U.S. economy is unpredictable,' the report said. Redfin listed Las Vegas among the five markets where pending sales have dropped the most year over year, at -15.4%. Miami topped the list at -19.6%. LVR's figures, based on its Multiple Listings Service (MLS), show sales down 13.1% for homes and down 19.0% for condos and townhomes. The median price of a single-family home in Las Vegas is still 1.5% higher than it was a year ago, LVR said. And condos/townhomes are up 4.1%. The record high for condos came seven months ago (October 2024) at $315,000. Another measure of the slowing market is inventory, which has grown to a 3½ month supply. By the end of May, 6,646 homes were listed for sale without no offers — up 71.8% from one year earlier. The 2,510 condos and townhomes listed without offers in May represent an 89.6% jump from one year earlier, LVR reported. In May, 81.6% of all existing local homes and 76.5% of all existing local condos and townhomes sold within 60 days. That's down from one year earlier, when 85.6% of all homes and 85.6% of all condos and townhomes sold within 60 days. Sales of distressed homes amount to less than 1% of all property sales, LVR said, adding that cash buyers had dropped to around 23% of all sales. Total sales for single-family homes totaled more than $1.2 billion, with condos/townhomes reaching more than $182 million. Bankrate listed 30-year fixed mortgages available at 6.625% in Nevada as of Thursday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
06-02-2025
- Business
- Yahoo
Las Vegas home prices surge to all-time record in January, LVR report shows
LAS VEGAS (KLAS) — Las Vegas home prices started 2025 with a bang as prices for single-family homes set an all-time record in January, according to Las Vegas Realtors (LVR). The price jumped $10,000 in a single month, landing at $485,000 and passing the May 2022 record of $482,000. Condominiums and townhomes were selling at a median price of $293,000 in January, up $3,000 since December. The median price is the one in the middle — half sold at higher prices and half sold for less. Comparisons to prices from a year ago show that single-family homes have gone up 9.0%. Condos/townhomes are up 6.5% over last year's prices. LAST MONTH: Las Vegas home prices drop back as 2024 ends, finishing the year 5.6% higher 'The increase in our median price is another sign of the continued demand for housing here in Southern Nevada,' according to LVR President George Kypreos. It's also good to see our housing supply increasing in recent months so people have more choices when looking for a home,' Kypreos said. 'Overall, I remain confident that the local housing market will remain as strong as any in the U.S.' As of Feb. 5, interest rates in Nevada are 6.71% for a 30-year fixed mortgage and 5.93% for a 15-year fixed mortgage, according to Bankrate. LVR reported a total of 1,991 homes, condos and townhomes sold in January. Compared to January 2024, sales were up 6.7% for homes, but down 13.2% for condos and townhomes. Condo prices peaked in October at a median price of $315,000. The monthly report includes homes sold through LVR's Multiple Listing Service (MLS). It excludes new construction and homes sold by owners. Online broker Redfin said last week that the Los Angeles wildfires are pushing up rental searches and pushing down home sales. Roughly one of every six homes in the Palisades and Eaton fires have been destroyed or damaged, creating a ripple effect of people searching for temporary or permanent housing. The Las Vegas sales pace in January equates to a housing supply of just over two and a half months. Last year at this time, fewer homes were listed for sale. Home sales have been rebounding from a slow year in 2023, according to LVR. A total of 31,305 existing local homes, condos and townhomes sold during 2024. That was up from 29,069 sales in 2023 – the slowest year for existing local home sales since 2008. About 28.5% of all local property sales were cash transactions in January. That's up from 27.4% one year earlier, but well below the January 2013 cash buyer peak of 59.5%. By the end of January, LVR reported 5,215 single-family homes listed for sale without any sort of offer. That's up 46.9% from one year earlier. The 1,896 condos and townhomes listed without offers in January represent a 66.9% jump from one year earlier. LVR reported 72.5% of all homes and 73.6% of all condos and townhomes sold within 60 days. Both levels were slightly below 2024's pace. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
