Las Vegas’ home market has joined its sizzling sands and smoking casinos, with near record highs, but slowing sales.
The price of a typical single-family home in greater Sin City rose 7.7 percent year-over-year in June to $475,000 — $7,000 off the all-time high set in May 2022, the Las Vegas Review-Journal reported, citing figures from the Las Vegas Realtors.
But since May, home sales have fallen 12.8 percent.
Houses sit on the market longer, with 4,114 homes listed without any offer at the end of June, an 11.8 percent increase from a year earlier.
Condo and townhomes take even longer to get nibbles, with 1,367 condos and townhomes listed at the end of last month with no offers, a 47 percent jump from a year ago.
Despite the slowdown, some credit Las Vegas for outperforming the national real estate market.
“Home sales have been down nationally and approaching some of the lowest levels on record,” Merri Perry, president of Las Vegas Realtors, told the Review-Journal. “Here in Southern Nevada, we’ve been selling more homes this year than we did last year.
“And unlike much of the nation, homes here have actually been selling faster than they were at the same time last year,” she said. “At the same time, we’re seeing more homes available for sale, which is good news.”
Cash is king, with 26.6 percent of all local property sales made in greenbacks, up from 25.1 percent a year earlier. That’s still far from the record 59.5 percent high for cash deals in 2013.
Las Vegas is in an affordable housing crisis, with Nevada short more than 78,000 affordable rental units for extremely low income renters, according to estimates from the National Low Income Housing Coalition.
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The Las Vegas Valley’s housing market has not cracked Redfin’s recent top-five rankings for cities that have the largest month-over-month changes in the median sale price, pending sales or new listings, according to the Review-Journal.
Across the nation, Redfin reported typical home prices hit record highs at the end of June. Meanwhile, mortgage rates stood above 7 percent, up from a three-month low of 6.9 percent at the start of June, but down from a five-month high of 7.5 percent in early May.
— Dana Bartholomew