Jae C. Hong / AP
In this Feb. 8, 2008, file photo, a for-sale sign stands in front of a bank-owned home in Las Vegas.
Tuesday, May 9, 2023 | 5 a.m.
Home sales in the valley
Local home prices in Southern Nevada rebounded slightly in April, with a median sale price of $430,000 for existing single-family homes and $270,000 for condos and townhomes, according to a release today from Las Vegas Realtors.
The median price of existing single-family homes sold in Southern Nevada increased over 1% from March, but was down nearly 10% from April 2022. The median price of local condos and townhomes jumped almost 4% from March, but was also down from the same time last year, experiencing a nearly 2% drop.
Sales continued to slow, and the release said more than 3,700 single-family homes were listed for sale without any sort of offer by the end of April. The number of condos and townhomes listed without offers jumped almost 90% compared to April 2022.
Sales for homes and condos and townhomes were down 34.6% and 31.1%, respectively, compared to the same time last year. Additionally, more than 70% of all existing local homes and 75.7% of condos and townhomes sold within 60 days. Comparatively, more than 90% of homes and condos and townhomes sold within 60 days this time last year.
Even as sales slide, the release said that prices of local homes have “rebounded a bit after stalling for months.”
Southern Nevada has shown signs of “nearing the bottom” of the housing market’s most recent downturn, the release said.
“With local home and condo prices rising slightly from the previous month, this may be another indication that we are either at or maybe even past the bottom of this cycle,” Las Vegas Realtors President Lee Barrett said. “Until April, local home prices hadn’t really changed since December. It had been more than four years since local home prices stayed flat for that long.”
