LAS VEGAS (KLAS) — When Las Vegas house costs climbed to an all-time file final month, it wasn’t a fluke. Costs remained at file highs via February, in response to a Las Vegas Realtors (LVR) report launched early Thursday.
The median worth for a single-family house got here in at $485,000, repeating the January worth. Condominiums and townhomes surged by $10,000 since January to their second-highest stage at $303,000. That is nonetheless $12,000 beneath the file from October 2024.
The median worth is the one within the center — half the houses offered for extra and half offered for much less.
The sustained enhance in single-family house costs comes whilst the availability has elevated, in response to LVR. On the finish of February, there have been 5,229 houses listed on the market with none form of supply — a 50.6% enhance over the availability in February 2024. The provision of condos/townhomes additionally was dramatically larger, with 2,025 listings with out affords — a 74.6% enhance over final yr.
LAST MONTH: Las Vegas house costs surge to all-time file in January, LVR report exhibits
In February, LVR estimated a greater than a three-month housing provide. Final yr presently, Southern Nevada had a lower than a two-month housing provide.
“We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” LVR President George Kypreos stated. “The decrease in mortgage interest rates during the past week or two is also welcome news for home buyers. Overall, it’s a more level playing field right now.”
Bankrate reported Wednesday that charges are 6.5% in Nevada for a 30-year fixed-rate mortgage mortgage. The nationwide common is 6.74%.
On-line mortgage dealer Redfin stated Wednesday that investor purchases have declined nationally, citing a slowing market.
“Investors are buying fewer homes for some of the same reasons other people are buying fewer homes: High home prices and high mortgage rates,” in response to Redfin’s information launch.
In February, 71.0% of all present native houses and 71.9% of all present native condos and townhomes offered inside 60 days, in response to LVR. That compares to at least one yr earlier, when 73.2% of all houses and 76.9% of all condos and townhomes offered inside 60 days.
The month-to-month report contains solely homes offered via LVR’s A number of Listings Service (MLS). It doesn’t embody new development gross sales or houses offered by their proprietor.
LVR reported that 28.0% of all gross sales had been money transactions, down from 29.7% one yr earlier and effectively beneath the February 2013 money purchaser peak of 59.5%.
A complete of two,296 present houses, condos and townhomes offered in February. Single-family house gross sales had been valued at a complete close to $1.1 billion, and condos/townhomes got here in at $165 million, LVR stated. In comparison with February 2024, gross sales had been down 6.1% for houses and down 2.8% for condos and townhomes.
