LAS VEGAS (KLAS) — After dropping for three straight months, Las Vegas home prices stuck at $450,000 in September, according to a Thursday report from Las Vegas Realtors (LVR).
The median price of condos and townhomes increased to $270,000. The 1.9% increase over the previous month was still $15,000 shy of May’s price, $285,000.
“It’s interesting to see local home prices level off, at least for now,” said LVR President Brandon Roberts. “Home prices and sales had generally been declining since mortgage interest rates started rising.”
And while single-family home prices stopped dropping, there was still some good news for prospective buyers. Fewer properties are selling and more are available — continued signs of a buyer’s market. And buyers appear to be waiting for prices to drop more. LVR reported 8,121 single-family homes were listed for sale without any sort of offer, and 1,849 condos and townhomes had no offers.
“The good news for buyers is that it has been at least three years since we’ve had this many homes available for sale,” Roberts said.
Home prices peaked in May at a record $482,000, and prices are still 10.7% higher than where they were a year ago — $406,500 in September of 2021. Home prices bottomed out in January of 2012 when the median price was $118,000.
The median price is in the middle — half the houses sell for less, and half sell for more. LVR’s statistics apply only to existing homes, and do not include new home construction sales.
The inventory of available houses has shot up to a four-month supply after lingering around a 1-month supply as prices increased until peaking in May.
Cash buyers accounted for 35.8% of all local property sales in September — down from 29.1% a year ago and far below March 2013, when 59.5% of properties were purchased with cash.
In September, 85.2% of homes and 87.4% of condos and townhomes sold within 60 days in Las Vegas. A year ago, 94.7% of homes and 93.8% of condos and townhomes sold within 60 days.