A home for sale is shown in a residential area near Wigwam Avenue and Buffalo Drive Thursday, June 9, 2022.
Tuesday, Feb. 6, 2024 | 5 a.m.
Local home sales could be bouncing back after seeing their slowest year in more than a decade in 2023, according to a release today from Las Vegas Realtors.
Home prices were higher and the housing supply lower in January compared to the same time last year, per the report. The median sale price of existing single-family homes was $445,000, up nearly 5% from January 2023, and the median sale price of local condos and townhomes was $275,000 — up almost 9% from January 2023.
“Over the past few months, we’ve seen benefits from lower interest rates and relatively stable home prices here in Southern Nevada,” LVR President Merri Perry said in a statement. “Now, if we could just get more homes on the market, we’d really be in good shape.”
Almost 2,000 local homes, condos and townhomes sold in January, meaning sales were up nearly 12% for homes and 20% for condos and townhomes.
There were more than 3,550 single-family homes and over 1,130 condos and townhomes listed for sale without any sort of offer, down almost 35% and 8%, respectively, from one year earlier, according to the report.
Additionally, the total value of local real estate transactions in January was over $842 million for homes and almost $139 million for condos and townhomes, up 19.6% and 17% from January 2023, respectively.
A persistently tight housing supply is hampering home sales while propping up prices, Perry said, and mortgage rates increased this week to about 7% for a 30-year fixed mortgage after moderating in recent months.
Nevertheless, she’s optimistic for the new year, Perry said in today’s release.