A home for sale is shown in a residential area near Wigwam Avenue and Buffalo Drive Thursday, June 9, 2022.
Thursday, July 6, 2023 | 8:09 a.m.
The median sales price of a single-family home in Southern Nevada was $440,990 in June, putting an end to a steady increase of local home prices in recent months, according to a report by Las Vegas Realtors.
The median cost of an existing single-family home was down by 0.3% from last month and by just over 8% from the same time last year.
The median sale price for local condos and townhomes was the same as last month at $275,000, according to the report.
“After increasing gradually for a couple of months, it looks like local home prices have hit a plateau — at least for now,” Las Vegas Realtors President Lee Barrett said in a statement.
June numbers reflect persistent demand for housing in Southern Nevada, as well as a tight housing supply, Barrett said.
Fewer homes are changing hands, according to the group, and local home sales are on pace to be lower than they were in 2022.
A total of 3,680 single-family homes and 930 condos and townhomes were listed for sale without any sort of offer by the end of June — a 1% and 0.5% increase, respectively, from the previous month.
Sales of existing homes were down over 14% in June compared to the same month last year, and sales of existing condos and townhomes were down more than 12%, according to the report.
The number of existing homes and condos that sold within 60 days — 81.3% and 82.6%, respectively — in June was down from a year earlier, when more than 95% of all existing homes and 96% of all existing condos and townhomes sold within that same period of time.
“The number of homes being sold and available for sale were also remarkably similar from the previous month,” Barrett said in a statement. “Builders are doing what they can to bring more new homes to market, but we still need more homes available for sale.”
