Tight housing supply in Las Vegas still hampers sales to begin new year – News3LV

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Home prices in Las Vegas started higher while the housing supply shrank to begin the new year, according to a local industry group.

The median price for a single-family existing home in Southern Nevada sold in January was $445,000, per Las Vegas Realtors.

That’s down slightly from December’s median of $449,900, but still up compared to the year-ago month, when the median was $425,000.

For condos and townhomes, the median price for January was $275,000, up from this past December’s price of $270,000.

A total of 1,955 existing homes, condos and townhomes were sold last month. Compared to January 2023, home sales were up 11.6% while condo and townhome sales have jumped 19.6%.

Merri Perry, president of Las Vegas Realtors, said the tight housing supply continues to hamper sales. Mortgage rates have also played a role, increasing to about 7% this week.

Still, Perry says there’s reason for optimism in the new year, citing experts who predict more homes available and sold compared to 2023.

“Over the past few months, we’ve seen benefits from lower interest rates and relatively stable home prices here in Southern Nevada,” she said in a news release. “Now, if we could just get more homes on the market, we’d really be in good shape.”

There were 3,551 single-family homes listed for sale without any sort of offer by the end of January, down 34.8% from a year ago. Another 1,136 condos and townhomes were listed without an offer, down 7.9% from January 2023.

Last year ultimately was the slowest year for existing local home sales since 2008, at the height of the Great Recession, according to Las Vegas Realtors.

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