LAS VEGAS (KTNV) — Housing prices are higher than they were in Las Vegas last month, but still lower than they were last year.
The median house price for existing homes in the valley was $450,000 in July, according to a report from Las Vegas Realtors.
The report shows this to be a 2% jump from prices in June of this year, but still down 3.2% from the same time in 2022, when the median price was $465,000.
At $482,000, the median home prices seen in May 2022 still hold the all-time record.
“Even with mortgage interest rates being higher than they were a year or two ago and leading to fewer homes being sold, the local housing market seems pretty stable,” Lee Barrett, president of Las Vegas Realtors said. “The biggest issue we’re facing is still inventory. We could use more homes to sell.”
LVR reports that there were 3,542 homes for sale in July that never received an offer by the end of the month.
As for condos and townhouses, the company says their median price sits at $273,500, which is up marginally from the $271,800 price in July 2022, but down from that $285,000 all time high in May 2022.
