steve marcus
Homes for sale are listed on Thursday, June 9, 2022 in the residential area near Wigwam Avenue and Buffalo Drive.
Tuesday, February 6, 2024 | 5am
Local home sales could rebound in 2023 after hitting their lowest slump in more than a decade, according to a release from Las Vegas Realtors today.
According to the report, house prices rose in January compared to the same period last year, and housing supply fell. The median sales price for existing single-family homes is $445,000, an increase of approximately 5% from January 2023, and the median sales price for local condos and townhomes is $275,000, an increase of approximately 5% from January 2023. It's up about 9% from March.
“In recent months, we have benefited from lower interest rates and relatively stable home prices here in Southern Nevada,” LVR President Meri Perry said in a statement. “If we can get more homes on the market now, we'll be in really good shape.”
Approximately 2,000 local homes, condos and townhomes were sold in January, representing a nearly 12% increase in sales for homes and nearly 20% for condos and townhomes.
According to the report, there are more than 3,550 single-family homes and 1,130 condos and townhomes for sale without any offers, down nearly 35% and 8%, respectively, from a year ago.
Additionally, total local real estate transactions in January totaled more than $842 million for homes and nearly $139 million for condos and townhomes, an increase of 19.6% and 17%, respectively, from January 2023.
Mr Perry said a continued tight housing supply is supporting prices but hampering home sales, with mortgage rates hitting about 7% on a 30-year fixed mortgage this week after easing in recent months. He said it had risen.
Nevertheless, she is optimistic for the new year, Perry said in today's release.
