Residential Real Estate News
August Home Sales Uptick in Las Vegas, Condo Sales Dip
According to new data from Las Vegas Realtors, local home prices in August 2024 nearly reached a record high but fell slightly short, with more homes available on the market.
LVR reported that the median price for existing single-family homes sold in Southern Nevada through the Multiple Listing Service (MLS) in August was $476,875. This represents a 6.6% increase from the $447,435 median in August 2023, but remains below the all-time high of $482,000 set in May 2022.
For condos and townhomes, the median sale price in August was $292,000, reflecting a 1.7% increase from $287,000 in August 2023. However, this is slightly lower than the record high of $296,000 recorded in July.
LVR President Merri Perry commented, "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."
By the end of August, 5,268 single-family homes were listed for sale without any offers, marking a 35.7% increase from a year earlier. For condos and townhomes, the 1,640 units listed without offers in August showed a 67.7% jump compared to the previous year.
A total of 2,711 existing homes, condos, and townhomes were sold in August 2024, with home sales up by 6.4% compared to August 2023. However, condo and townhome sales saw a decline of 10.5%. The current sales pace translates to about a two-and-a-half-month housing supply, up from less than two months at this time last year.
Home sales have rebounded throughout 2024, following a slow 2023, which was the weakest year for local home sales since 2008. In 2023, LVR recorded 29,069 total sales of homes, condos, and townhomes, down from 35,584 in 2022. This followed a record year in 2021, when 50,010 properties were sold.
In August, 24.1% of all property sales were cash transactions, down from 26.0% a year earlier and significantly lower than the peak of 59.5% in August 2013.
Distressed sales, including short sales and foreclosures, remained near historic lows, accounting for just 0.6% of all property sales in August. This compares to 1.6% one year ago, 0.2% two years ago, 0.3% three years ago, 1.2% four years ago, and 2.1% five years ago.
These statistics include data collected through the MLS up to the end of August 2024. LVR releases monthly statistics based on MLS data, which does not account for newly constructed homes sold by builders or homes sold directly by owners.
Other notable market highlights:
- The total value of real estate transactions tracked through the MLS in August exceeded $1.2 billion for homes and nearly $175 million for condos, high-rise condos, and townhomes. Compared to a year earlier, the total sales value for homes increased by 4.6%, while the value for condos and townhomes dropped by 10.4%.
- In August, 86.5% of existing homes and 82.9% of existing condos and townhomes sold within 60 days. This compares to 85.3% of homes and 88.5% of condos and townhomes selling within the same timeframe last year.
