Home prices in Southern Nevada have reached record highs, with the median sales price for previously owned single-family homes in July hitting $485,000, marking a 1 percent increase from the same month last year. This figure matches the all-time high first recorded in January of this year. Despite the rise in prices, sales volume has decreased and inventory has significantly increased.
In July, 2,021 single-family homes were sold, reflecting a 5.8 percent decline compared to the previous year. Meanwhile, the number of houses listed for sale without offers surged by 54.2 percent to 7,147, while condos and townhomes saw a 77 percent increase in listings without offers, totaling 2,622.
Las Vegas Realtors President George Kypreos highlighted the growing inventory as the major trend in the local housing market, suggesting that this provides more options for buyers and indicates a cooling market. A Zillow report indicates that the Las Vegas Valley is still short by approximately 32,192 homes needed for a balanced market.
The median sales price for condos and townhomes was $290,000 in July, a decrease of 2 percent from the previous year. The sales pace indicates a nearly four-month housing supply, compared to just over a two-month supply the previous year.
Additionally, the percentage of homes sold within 60 days has decreased, with 78.8 percent of houses and 73.5 percent of condos and townhomes selling within that timeframe, compared to higher percentages a year earlier. Cash transactions have also declined, with cash deals making up 23.8 percent of all sales in July, down from 25.1 percent the previous year and significantly lower than the peak of 59.5 percent in February 2013.