Condo prices jump $5,000 in May as Las Vegas housing market sizzles – KLAS – 8 News Now

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LAS VEGAS (KLAS) — Rising prices for Las Vegas condominiums and townhomes continued in May, pushing prices even higher after setting an all-time record in April.

The median price for a condominium increased to $295,000 last month, up $5,000 over April’s mark, according to figures released by Las Vegas Realtors (LVR).

Single-family home prices jumped by $4,000 in May, with the median price rising to $473,000. That’s $9,000 below the record set in May 2022.

Overall, median prices are up 7.3% for condos/townhomes and 7.0% for homes compared to May 2023. The median price is the one in the middle — half are higher and half are lower.

The increases defy expectations as the federal government keeps interest rates high. A nationwide look at home prices by online broker Redfin on May 30 showed 6.4% of sellers had cut their asking price in May. That apparently isn’t happening in a very hot housing market in Southern Nevada.

U.S. Bank reported on Wednesday a 30-year fixed-rate mortgage here is between 6.975% and 7.034%.

“Although the demand for housing here in Southern Nevada continues to outpace our supply, increased sales and inventory are positive signs for consumers and for our members,” LVR President Merry Perry said.

High prices of single-family homes has priced many people out of the market in Southern Nevada, and the recent surge in condo prices suggests that some families have given up on the hope of owning a single-family home.

LVR reported a total of 3,091 existing local homes, condos and townhomes sold in May. LVR continues to describe housing inventory as tight, with only a two-month supply of homes available.

Data from LVR does not include sales of newly built homes, relying on LVR’s Multiple Listing Service (MLS) to calculate changes from month to month.

In May, 85.7% of all existing local homes and 85.6% of all existing local condos and townhomes sold within 60 days. Last year, 77.1% of all homes and 79.1% of all condos and townhomes sold in that time frame.

Cash transactions — usually associated with investors buying homes — accounted for 25.7% of all sales in May, according to LVR. That’s up from 21.9% one year ago but well below the May 2013 cash buyer peak of 59.5%.

Short sales and foreclosures combined accounted for 1.1% of all existing local property sales in May, LVR reported.

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