A KB Home roof is tiled during the Super Saturday sales event at the master-planned community of Inspirada on Saturday, Oct. 4, 2014.
Wednesday, March 6, 2024 | 5 a.m.
Home sales in Las Vegas are continuing an upward trend after a record-breaking slow year in 2023, according to a release today from Las Vegas Realtors.
Home prices rose once again in February to $460,000, according to the report, a 3.4% increase from January and an 8.2% increase from the same time last year. Condo prices also rose to $283,000, an 11% increase from last year and only $4,000 shy of the all-time high for condos, according to the report.
“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,” LVR President Merri Perry said in a statement. “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.”
Over 2,400 existing homes, condos and townhomes sold in February, a 10.1% increase in home sales and 17.8% increase for condos and townhomes from last year, according to the report. Almost 30% of local property sales were made in cash, a 2.6% increase from last year.
The total value of February’s local real estate transactions was almost $1.1 billion for homes and topped $161 million for high rises, condos and townhomes, according to the report, marking 28.7% and 33.1% increases respectively.