LAS VEGAS (KLAS) — Home prices leveled out in January, remaining at $425,000 for the second-straight month. But the number of homes that sold continued to decline — down 13.6% from December.
The monthly report from Las Vegas Realtors (LVR) shows there were more homes for sale with fewer people buying as the new year began.
Condos and townhomes showed a 3.3% increase in price compared to December, rising from $246,950 to $255,000 in January.
Over the past year, housing prices soared. The median home price of a single-family home peaked in May 2022 at $482,000. The same was true for condos and townhomes, hitting $285,000 in May. But since then, single-family homes have dropped or stayed the same for eight straight months, now down 11.9% since May.
“What a difference a year makes,” said 2023 LVR President Lee Barrett. “After seeing mortgage rates rise for several months, rates settled down recently. We’re still seeing more homes listed for sale and fewer people buying – especially when you compare what’s happening now to where we were a year ago. Last year at this time, our home prices were setting records every month and had gone up by about 26% year over year.”
Compared to this time last year, single-family homes are down 2.3% and condos and townhomes are up 4.9%.
The median price is the one in the middle — half are higher and half are lower. LVR’s figures cover only existing homes — sales of new homes are not included.
During January, LVR found that 27.2% of all local property sales were purchased with
cash, down from 30% one year ago, and well below the March 2013 cash buyer peak of
By the end of January 2023, LVR reported 5,450 single-family homes listed for sale without any sort of offer. That’s up 199.3% from the same time last year.
A total of 1,723 existing local homes, condos and townhomes were sold in January. Compared to January 2022, sales were down 48.3% for homes and down 44.0% for condos and townhomes.
With fewer buyers, inventory has grown to a four-month supply of available homes.
In January, 62.3% of all existing local homes and 65.6% of all existing local condos and townhomes sold within 60 days. That’s down from one year earlier, when 86.7% of all existing homes and 90.0% of existing condos and townhomes sold within 60 days.