Southern Nevada home prices decrease for first time since April 2020

Las Vegas, Nev. (FOX5) – For the first time since April 2020, home prices in Southern Nevada dropped as the housing market cools off after a long hot streak of record prices and strong sales.

According to Las Vegas Realtors, the average price of existing single-family homes sold in Southern Nevada in June was $480,000. That’s down from the all-time record price of $482,000. The average price of local condos and townhomes sold in June also decreased to $280,000, down from a record $285,000 in May.

“Rising mortgage interest rates sparked a slowdown that was bound to happen at some point,” Las Vegas Realtors president Brendan Roberts said in a statement. “Local home prices can’t keep going up at the rate they have been the past few years. More stable prices, along with the increasing number of homes on the market and decreasing number of homes being sold, are providing some relief for potential buyers.”

So far this year, existing local home sales are down from the same time in 2021, which was a record year for existing home sales in Southern Nevada. Las Vegas Realtors said June’s sales pace equates to just over a two-month supply of properties available for sale. While that’s still tight by historical standards, that’s twice as much inventory as past months.

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