Las Vegas home prices stay hot in June as supply grows – News3LV

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Home prices around Las Vegas remained hot in June, even as more houses went up for sale, according to a new report.

The median price for an existing single-family home sold in Southern Nevada during June was $475,000, per the local industry group Las Vegas Realtors.

That’s up from May, when the median price was $473,000, and a 7.7% increase from June a year ago, when the median price was $440,990.

For condos and townhomes, the median price for a property sold this June was $295,000. That’s the same as May’s median price and up 7.3% compared to June last year.

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In terms of housing supply, there were 4,114 single-family homes and 1,367 condos and townhomes listed for sale without any offers, according to Las Vegas Realtors. For houses, that’s up 11.8% from the year-ago month, and for condos and townhomes, it’s up 47%.

For comparison, by the end of May, 3,869 single-family homes and 1,324 condos and townhomes were listed for sale without any offers.

Merri Perry, president of Las Vegas Realtors, says local housing prices are still going up even as mortgage interest rates rise this year.

“Fortunately, our local housing market has been outperforming most of the country in a few key ways,” Perry said in a statement. “For example, home sales have been down nationally and approaching some of the lowest levels on record. 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. At the same time, we’re seeing more homes available for sale, which is good news.”

A total of 2,698 homes, condos and townhomes were sold in June. Compared to the same month in 2023, sales were down 8.7% for homes and down 6.3% for condos and townhomes.

The sales pace from June equates to a two-month housing supply, which is still considered tight by historical standards, per Las Vegas Realtors.

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