Las Vegas home sales bounce back in February – News3LV

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Home sales around the Las Vegas valley started to bounce back in February, according to a report from a local industry group.

The median price for an existing single-family home sold in Southern Nevada last month was $460,000, per the group Las Vegas Realtors.

That’s up 8.2% compared to February a year ago, when the median price was $424,995. It’s also an increase from the median price of $445,000 reported last month.

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For condos and townhomes, the median price was $283,000, up 11% compared to the year-ago month and close to the all-time high of $287,000 set in August 2022.

Sales increased to 2,426 homes, condos and townhomes sold in February. Sales were up 10.1% for homes and up 17.8% for condos and townhomes.

“It’s encouraging to see that we’re selling more homes so far this year, even with the headwinds we’ve been facing in the housing market,” Merri Perry, president of Las Vegas Realtors, said in a news release. “Here’s hoping our national experts are right in predicting that things will continue to pick up as we head into the spring and summer months, when we traditionally see sales increase.”

By the end of February, there were 3,471 single-family homes listed for sale without any sort of offer, down more than 25% from a year ago. The 1,160 condos and townhomes without any offers represent a 0.4% increase from last year.

The sales pace equates to a housing supply of just under two months, according to Las Vegas Realtors.

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