Las Vegas Sun

March 29, 2024

Las Vegas Valley home prices drop again in August, trade group says

Real Estate

Wade Vandervort

A sign advertises a home for sale in Southern Highlands, Thursday, Jan. 9, 2020.

Home prices in Southern Nevada retreated for a third consecutive month in August, according to a report released today.

The median price for a home in the Las Vegas Valley last month was $450,000, down about 3% from July, the Las Vegas Realtors trade group reported.

The August figure was down from a record median price of $482,000 in May but up 11% from August 2021.

Prices are “slowly giving back some of the gains we saw over the last few years,” Brandon Roberts, a local Realtor and president of the trade group, said in a statement.

Despite the recent pullback amid rising interest rates, home prices in the valley are still about four times that of what they were in early 2012. That’s when the post-recession housing market in Southern Nevada bottomed out.

In January 2012, the median price for an existing home was just $118,000.

Roberts said home sales have slowed in the Las Vegas area and sellers have been lowering asking prices.

The price for a local condominium or townhome fell by 2.5% from July to August, according to the report.

The median price of about $265,000 in August was still up 16% from the same month in 2021. 

“Even though home prices have leveled off, they’re still up substantially from last year,” Roberts said. “When you combine that with rising mortgage interest rates and inflation, it’s no surprise to see some potential buyers sitting on the sidelines for now.”

At the end of last month, Las Vegas Realtors reported just under 8,000 single-family homes for sale without any type of offer. That was up 146% from August 2021.

It has been three years since the valley has had so many homes on the market, Roberts said.

About 2,600 homes, condos and townhomes sold in Southern Nevada in August.

Formerly known as the Greater Las Vegas Association of Realtors, the Las Vegas Realtors group was founded in 1947. It has over 17,000 members.