Las Vegas home prices unlikely to start falling anytime soon after sales rise in March – News3LV

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Home prices in Las Vegas continued to rise in March as the housing supply remained tight, according to a local industry group.

The median price of single-family homes sold in Southern Nevada last month was $465,000, Las Vegas Realtors reported Tuesday.

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That’s up from the median price of $460,000 reported this past February. It’s also up 9.4% compared to March a year ago, when the median price was $425,000.

For condos and townhomes sold in March, the median price was $282,500, down slightly from February, when the median was $283,000. Still, it’s up 8.7% from the year-ago month’s median price of $260,000.

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Merri Perry, president of Las Vegas Realtors, said the local housing market is bouncing back from a sluggish 2023, which was slowed by a tight housing supply and higher mortgage interest rates.

“Although prices have been rising recently, they’re still below the all-time high we hit in 2022,” Perry said in a news release. “One of our biggest issues continues to be our housing supply. As we’ve been saying for a long time, it would help our local housing market if we had more homes to sell.”

By the end of March, Las Vegas Realtors had 3,323 single-family homes listed for sale without any sort of offer, down 20.8% from a year ago. There were 1,179 condos and townhomes listed without offers, up 6.9% from 2023.

A total of 2,672 existing homes, condos and townhomes sold last month, down 11.8% compared to March 2023. Sales were down 11.8% for homes and down 1.8% for condos and townhomes.

The sales pace in March equates to a less than two-month housing supply, according to Las Vegas Realtors.

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