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Yahoo
2 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
07-05-2025
- Business
- Yahoo
Rental prices highest in Paradise, Henderson, Spring Valley
LAS VEGAS (KLAS) — A report on rental prices in the Las Vegas valley shows prices climbing fastest where they are already the highest. Rents in Paradise, which includes the Las Vegas Strip and extends south to Silverado Ranch, jumped by more than 26%, according to a monthly report produced by Zumper. The report looks at median rent prices across the market, including apartments and rental homes. Median rental prices were listed for Las Vegas, Henderson and North Las Vegas, along with the townships of Paradise, Spring Valley and Winchester: The median rent for a one-bedroom in Paradise soared to $2,000, an increase of 26%. And while rentals were the lowest in North Las Vegas ($1,060), they were up 17.8%, the second-highest increase in the valley. The median price is the one in the middle — half are higher and half are lower. In between the highest and lowest were Henderson ($1,530), Spring Valley ($1,350), Winchester ($1,290) and Las Vegas ($1,230). The median price across the state was $1,300, according to Zumper. Las Vegas home prices drop from record highs; more homes for sale Spring Valley saw the biggest drop in rental prices — down 4.9%. The Zumper National Rent Index decreased to $1,517, showing a 0.5% monthly decline in median one-bedroom rent prices in April. Two-bedroom rentals dropped 0.2% to $1,901. Zumper noted it was the third consecutive month of flat or declining prices. Zumper calculates its median rent prices using their own listings, third-party Multiple Listings Service (MLS) listings and prices for new construction housing. The prices exclude occupied or otherwise unavailable rentals. Zumper's website allows prospective renters to select the area they are interested in, the size of the rental, whether it's an apartment or a house, and even whether pets are allowed. Renters can also filter by price. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to KLAS.
