Stephanie Bullock, a realtor with Signature Real Estate Group, shows a home to Mark Dhaemers in a residential area near Wigwam Avenue and Buffalo Drive Thursday, June 9, 2022.
Tuesday, Aug. 9, 2022 | 5 a.m.
For a second straight month, the median price for an existing home has declined, according to a report released today by the Las Vegas Realtors trade group.
The median price for July was $465,000, a 3% decrease from June, the report said. The median price also fell in June after reaching a record of $482,000 in May.
"We're seeing a shift in the housing market," Brandon Roberts, president of Las Vegas Realtors, said in a statement. "We haven't seen prices slow down like this in several years, and we haven't had this many homes available for sale since 2019."
At the end of July, the Las Vegas Realtors report showed just over 7,300 homes listed without an offer, up 144% from July 2021.
A total of 2,672 homes, condominiums and townhomes sold last month, down 38% from July 2021.
The median price for a Las Vegas Valley condominium or townhome dropped 3% from June to July, settling at just under $272,000, the report said.
The July price was still up 21% from the same month last year.
Roberts said the lower prices are encouraging news for potential buyers, although they are facing higher interest rates than in recent years. Last week, mortgage rates were just 5%, according to Freddie Mac.
The price of Las Vegas homes bottomed out at a median of $118,000 in January 2012.
