Las Vegas condo prices surge to record $290,000, single-family homes rise by $4,000 – KLAS – 8 News Now

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LAS VEGAS (KLAS) — With a $7,500 jump in only a month, prices for condominiums and townhomes in Las Vegas set a new high in April at $290,000, passing the August 2023 mark of $287,000.

Single-family homes increased by $4,000 to a median price of $469,000 — still $13,000 below the May 2021 record of $482,000. The median price is the one in the middle — half are higher and half are lower.

According to figures released Tuesday by Las Vegas Realtors, condos/townhomes have gone up 7.4% compared to prices one year ago, and single-family homes are up 9.1%.

The housing market is still dealing with a double whammy. The increases are pricing many people out of the market, and they discourage people from selling because interest rates remain higher than when they bought. If you sell, you’re probably buying somewhere else, and those prices might be out of reach.

It’s a great time to own … at least until it comes time for you to sell.

LVR President Merri Perry said local home prices have remained resilient this year despite recently rising mortgage interest rates.

“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

LVR’s report looks at sales of existing homes, condos and townhomes sold in Southern Nevada through its Multiple Listing Service (MLS). Newly built homes are not included.

A report issued Monday by online real estate broker Redfin indicated the median price of a home nationwide is $420,000, up 5% year-over-year and up 40% since the start of the pandemic in 2020. The average 30-year mortgage carries a 7.2% rate, compared to the 2021 low of 2.65%.

In April, 83.0% of all existing Southern Nevada homes and 84.1% of all existing local condos and townhomes sold within 60 days, according to LVR’s report. That compares to one year earlier, when 71.5% of all local homes and 75.7% of all condos and townhomes sold within 60 days.

A total of 2,960 existing local homes, condos and townhomes sold in April, LVR said. Compared to April 2023, sales were up 19.2% for homes and up 16.1% for condos and townhomes.

The sales pace in April equates to less than a two-month housing supply, which is similar to one year ago and considered low by historical standards.

During April, LVR found that 26.9% of all local property sales were cash transactions. That’s up from 22.3% one year ago. That’s well below the May 2013 cash buyer peak of 59.5%.

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