Las Vegas housing market finishes 2023 with tight supply, slower sales – News3LV

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Last year was the Las Vegas housing market’s slowest year for sales in at least a decade, even as home prices rose amid a tight supply, according to a local industry group.

The median price for existing single-family homes sold in Southern Nevada for December was $449,900, Las Vegas Realtors reported Tuesday.

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That’s up 5.9% compared to December a year ago, but down slightly from the $450,000 median price reported this past November.

For condos and townhomes, the median price was $270,000, up 9.3% from December 2022.

Merri Perry, the new president of Las Vegas Realtors, said a tight housing supply slowed sales but propped up prices. She said this was largely because of mortgage interest rates, which rose through much of 2023 before dipping toward the end of the year.

“It was good to see interest rates coming back down late in the year. That helps more buyers afford a home,” Perry said in a news release. “While we still need more homes on the market, many national experts are predicting at least some increase in the housing supply as we get into 2024. That should help buyers and help us sell more homes.”

By the end of the year, there were 3,766 single-family homes listed for sale without any offers, down more than 39% compared to a year ago. Another 1,133 condos and townhomes had no offers, down 18.5%.

A total of 1,981 existing local homes, condos and townhomes were sold in December. Compared to the year-ago month, sales were down 1% for homes but up 18.1% for condos and townhomes.

For the year, a total of just over 29,000 existing homes, condos and townhomes were sold, down from 2022 when more than 35,000 properties were sold. According to Las Vegas Realtors, 2023 marked the fewest local property sales since at least 2014, when just over 35,000 sales were reported.

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