LAS VEGAS (KLAS) — Dwelling costs held regular in Could, remaining inside $5,000 of the all-time highs recorded within the first three months of 2025, in accordance with a Friday report from Las Vegas Realtors (LVR).
With single-family properties going for a median worth of $480,000, patrons for condominiums and townhomes noticed a $5,700 improve that put the median worth at $307,000, the report confirmed. The median worth is the one within the center — half are increased and half are decrease.
“Home prices have been very steady so far this year, with more homes on the market,” LVR President George Kypreos mentioned. “This increase in inventory and slower sales pace is giving buyers more options and negotiating power. This is a shift from the highly competitive seller’s market we experienced in recent years.”
LAST MONTH: Las Vegas house costs drop from report highs; extra properties on the market
That statement was confirmed by a Thursday report from on-line actual property firm Redfin. Nationally, pending house gross sales declined to their lowest Could stage since 2020, and mortgage purposes declined week-over-week. “Prospective buyers are backing off because housing costs are near record highs, with the median home-sale price up 1.2% year over year and the weekly average mortgage rate approaching 7%, and because the U.S. economy is unpredictable,” the report mentioned.
Redfin listed Las Vegas among the many 5 markets the place pending gross sales have dropped essentially the most yr over yr, at -15.4%. Miami topped the checklist at -19.6%. LVR’s figures, primarily based on its A number of Listings Service (MLS), present gross sales down 13.1% for properties and down 19.0% for condos and townhomes.
The median worth of a single-family house in Las Vegas remains to be 1.5% increased than it was a yr in the past, LVR mentioned. And condos/townhomes are up 4.1%. The report excessive for condos got here seven months in the past (October 2024) at $315,000.
One other measure of the slowing market is stock, which has grown to a 3½ month provide. By the top of Could, 6,646 properties have been listed on the market with out no gives — up 71.8% from one yr earlier. The two,510 condos and townhomes listed with out gives in Could signify an 89.6% bounce from one yr earlier, LVR reported.
In Could, 81.6% of all current native properties and 76.5% of all current native condos and townhomes offered inside 60 days. That’s down from one yr earlier, when 85.6% of all properties and 85.6% of all condos and townhomes offered inside 60 days.
Gross sales of distressed properties quantity to lower than 1% of all property gross sales, LVR mentioned, including that money patrons had dropped to round 23% of all gross sales. Complete gross sales for single-family properties totaled greater than $1.2 billion, with condos/townhomes reaching greater than $182 million.
Bankrate listed 30-year mounted mortgages obtainable at 6.625% in Nevada as of Thursday.
