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Despite record prices, Las Vegas housing market starting to see shift

<i>KVVU</i><br/>Fewer homes are selling even as more homes are hitting the market
Fewer homes are selling even as more homes are hitting the market

By Elaine Emerson

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    LAS VEGAS, Nevada (KVVU) — Despite another month of record home prices, the Las Vegas area housing market may be seeing the first signs of a shift.

Fewer homes are selling even as more homes are hitting the market, according to Las Vegas Realtors in its newest real estate report. LVR reported 3,758 existing local homes, condos and townhomes sold in May. Sales were down 8.8% for homes and down 6.6% for condos and townhomes from a year ago.

“The slowdown in sales and increase in our housing supply are signs that things may be starting to calm down a bit,” LVR president Brandon Roberts said. “Even though prices are still going up, it’s welcome news for potential buyers to see more homes on the market. As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unsustainable.”

LVR reported 3,570 single-family homes listed without any sort of offer at the end of May, up 75.8% from last year. Overall, existing home sales are down from the same time in 2021, LVR said.

The May sales pace equated to more than a one-month supply of properties available for sale. That’s up from past months, according to LVR, but still results in a tight supply.

The median price of an existing single-family home sold in Southern Nevada in May was $482,000, breaking the record from the previous month and up 25.2% from $385,000 a year ago. The median price of condos and townhomes sold in may was $285,000, also breaking the all-time record set last month and up 39% from $205,000 from last year.

Existing local home prices have more than quadrupled since hitting the post-recession bottom in January 2012, when the median price of a single-family home in Southern Nevada was $118,000.

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