Las Vegas home prices retreat in August

LAS VEGAS ( KLAS ) — After creeping within $2,000 of an all-time high, Las Vegas home prices retreated in August, a monthly report from Las Vegas Realtors (LVR) shows.

The median price of a single-family home in Las Vegas dropped to $476,875 in August. Prices for condominiums and townhomes also fell, with the median price closing the month at $292,000. That’s $4,000 less than July’s record high for condos. The median price is the one in the middle — half are higher and half are lower.

“For the most part, home prices have been rising locally and nationally this year, even with mortgage interest rates being higher than they were in previous years,” LVR President Merri Perry said. “We’re hoping homes will soon become at least somewhat more affordable for buyers – assuming interest rates start to decline this fall as national experts are expecting.”

Online real estate broker Redfin reported Thursday that mortgage rates might not drop much lower than consumers are seeing now because markets have already priced in interest-rate cuts from the Fed, starting in September and going through 2025.

As of Thursday, Bankrate reports the average rate in Nevada is 6.73% for a 30-year mortgage.

Election-year promises to make housing prices more affordable are largely reliant on Congress allocating money to cover the costs. The results of the election could scuttle those plans.

LVR’s monthly report is based only on sales through its Multiple Listing Service (MLS) and does not include new home sales or sales by owners.

Among the other highlights from LVR’s report:

• 24.1% — The percentage of all local property cash sales. That’s down from 26.0% one year ago and well below the August 2013 cash buyer peak of 59.5%.
• 5,268 — The number of single-family homes listed for sale by the end of August without any sort of offer, up 35.7% from one year earlier.
• 1,640 — The number of condos and townhomes listed without offers in August, a 67.7% increase from one year earlier.
• 2,711 — The total number of existing local homes, condos and townhomes sold in August. Compared to August 2023, sales were up 6.4% for homes, but down 10.5% for condos and townhomes.
• 2½ months — The housing supply at the end of August. Last year at this time, it was less than a two-month supply of properties available for sale.
• 0.6% — The combined percentage of short sales and foreclosures in August. That compares to 1.6% one year ago, 0.2% two years ago, 0.3% three years ago, 1.2% four years ago and 2.1% five years ago.

In August, 86.5% of all existing local homes and 82.9% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 85.3% of all homes and 88.5% of all condos and townhomes sold within 60 days.

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