Las Vegas housing prices dip to start new year, supply skyrockets from 2022
LAS VEGAS (KSNV) — Home prices in Southern Nevada have dipped to start the new year as more properties are available for sale and fewer are being sold, according to a local industry group.
The median price for an existing single-family home sold in Southern Nevada in January was $425,000, Las Vegas Realtors reported Tuesday.
That's down about 2.3% compared to the median price of $435,000 recorded in January a year ago and the same price as December.
The median price for condos and townhomes sold in January was $255,000. That's up nearly 5% from last year but down from the all-time record of $285,000 set in May.
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"After seeing mortgage rates rise for several months, rates settled down recently," Lee Barrett, president of Las Vegas Realtors, said in a news release. "We’re still seeing more homes listed for sale and fewer people buying – especially when you compare what’s happening now to where we were a year ago."
A total of 1,723 existing homes, condos and townhomes were sold in January. Las Vegas Realtors says that sales for houses were down 48.3% and down 44% for condos and townhomes compared to the start of 2022,
The housing supply has skyrocketed since January 2022. There were 5,450 single-family homes listed for sale without any sort of offer last month, up nearly 200% from the same time last year.
Likewise, there were 1,233 condos and townhomes listed without offers, a jump of almost 283%.
The sales pace in January equals a nearly four-month supply of properties available for sale.
