Las Vegas Sun

March 29, 2024

Home prices in Southern Nevada continue slow fall in November

House for Sale

L.E. Baskow

Home prices have been appreciating steadily at about 10 percent annually for the past few years. Although that pace may be cooling heading into the fall, GLVAR President David J. Tina said he still has a positive outlook for the local housing market.

The impact of rising interest rates on home mortgages is being felt in the Southern Nevada housing market, according to a report released this morning from Las Vegas Realtors.

The median price of an existing single-family home sold in Southern Nevada was $430,990 during November, marking a 2% decrease from October, according to the report. And the median price of condos and townhomes sold in November was $260,000, or down 2.3% from the previous month, the report found.

The group reported 1,983 existing homes, condos and townhomes sold in November. Sales were down 53.5% for homes, and 46.4% for townhomes and condos when compared to November 2021.

“The shift we’ve seen since mortgage interest rates started rising earlier this year has sparked a situation where many buyers are struggling to afford a home, while many homeowners are reluctant to sell and give up the historically low interest rate they’re enjoying on their current home,” said Brandon Roberts, the group’s president, in a statement.

The slowdown has been building over the recent months, as the median sales price for a single-family home in May was a record $482,000. Still, the median price is up 2.6% from $420,000 one year ago, according to the report.

“We’re certainly in a different place than we were last year, when prices were soaring and setting records,” Roberts said. “Of course, as we said at the time, those conditions were not sustainable.”

The report also found that the sales pace in November equates to a more-than-four-month supply of properties available for sale. There was only a one-month supply in November 2021.