Las Vegas Home Prices Slip 5.6 Percent Annually in February
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- 08 Mar 2023
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Local home prices leveled off last month, says Las Vegas Realtors, with more homes available for sale and fewer changing hands than one year ago.
LVR reported that the median price of existing single-family homes sold in Southern Nevada during February was $424,995. That's nearly identical to the previous month, but down 5.6% from $450,000 in February of 2022. It's also down from the all-time record price of $482,000 in May of 2022.
The median price of local condos and townhomes sold in February was $255,000, the same as it was in January. That's down 1.9% from $260,000 in February of 2022, and down from the all-time record price of $285,000 in May.
"The local housing market is much more balanced now than it has been in recent years," said 2023 LVR President Lee Barrett. "Instead of sellers having the advantage, buyers are now in a better position, since prices have stabilized and we have more homes on the market. We've now seen two straight months of stable home prices. It was also encouraging to see sales increase from January to February, while new listings continue to decline. Even with mortgage interest rates reaching 7% recently, this shows a strong underlying interest in owning a home here in Southern Nevada."
By the end of February, LVR reported 4,665 single-family homes listed for sale without any sort of offer. That's up 167.9% from the same time last year. Likewise, the 1,155 condos and townhomes listed without offers in February represent a 265.5% jump from one year earlier. Read More…
