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REPORT: Las Vegas home prices drop for first time in two years

Las Vegas home prices drop for first time since April 2020
Posted at 11:39 AM, Jul 06, 2022

LAS VEGAS (KTNV) — The price of single-family homes is finally starting to decrease, after two years of increases.

Las Vegas Realtor reported that the median price of existing single-family homes sold in Southern Nevada in June was $480,000. About $2000 down from the all-time record price of $482,000 in May.

This marks the first time since April 2020 that local home prices declined.

The median price of local condos and townhomes sold in June decreased to $280,000, which is down from the all-time record price of $285,000 in May.

While LVR’s monthly reports do not account for all newly constructed homes sold by local builders or homes for sale by owners, the report does show that Southern Nevada currently has twice as much inventory as in past months.

LVR President Brandon Roberts says that, despite that surplus, Nevada is still dealing with a "historically tight supply." Though he sees prices stabilizing as fewer homes are selling and more homes are hitting the market with sellers willing to lower their asking prices.

LVR found that 34.2% of all local property sales during June were purchased with cash.

LVR also reported that short sales and foreclosures combined made up 0.5% of all existing local property sales in June.

“Rising mortgage interest rates sparked a slowdown that was bound to happen at some point,” Roberts said. “Local home prices can’t keep going up at the rate they have been the past few years. More stable prices, along with the increasing number of homes on the market and decreasing number of homes being sold, are providing some relief for potential buyers.”

By the end of June, LVR reported 5,746 single-family homes listed for sale without any sort of offer, as well as 1,340 condos and townhomes, both representing a more than 100% increase in supply from last year.

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Compared to one year earlier, LVR says overall sales were down 24.7% for homes and 22.0% for condos and townhomes. Despite the fact that LVR also says homes are selling faster than in previous years, and total sales values in June were nearly $1.8 million for homes, condos, and townhomes.