Las Vegas housing supply shrinks as prices rise in November – News3LV

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The housing supply in Las Vegas shrank as prices jumped in November, according to a new report from a local industry group.

The median price for an existing single-family home sold in Southern Nevada last month was $450,000, Las Vegas Realtors reported Wednesday.

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That’s up 4.4% from the median price of $430,990 in November last year. That’s also up slightly from October’s median price of $449,000.

For condos and townhomes sold last month, the median price was $275,000, up 5.8% from the same time last year.

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Lee Barrett, president of Las Vegas Realtors, says a tight housing supply and rising mortgage interest rates have altered seasonal trends.

“Interest rates are higher now than in past years and our housing supply is about as low as it gets,” Barrett said in a statement. “These factors seem to be propping up home prices and slowing down home sales.”

A total of 4,353 single-family homes were listed for sale without any offers by the end of November, down more than 40% year-over-year. Another 1,261 condos and townhomes were listed without offers, down 22.8% from a year ago.

Las Vegas Realtors reports 1,894 existing homes, condos and townhomes sold last month. Compared to November 2022, sales were down 5.7% for homes and down 0.6% for townhomes.

The sales pace in November is in line with just under a three-month supply of properties for sale. At this time last year, Southern Nevada had more than a four-month supply.

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