LAS VEGAS (KTNV) — A new report shows that housing prices in the Las Vegas Valley have dropped for the third month in a row.
The report indicates that fewer homes are selling and more homes are available.
Since the federal reserve began raising mortgage interest rates, home prices have been stabilizing and some sellers are even lowering asking prices.
Their report found that in August, the price of a single-family home in Southern Nevada sold for $450,000. Compared to the prices in August of last year, the same house would have sold for $405,000.
The report details similar differences in condos and townhomes, with average costs totalling around $229,000 in 2021 and $265,000 in 2022.
Additionally, realtors say that there are about three times as many homes up for sale as there were a year ago.
