What Happened in Las Vegas Real Estate in August?
September 6, 2024
The Market is Changing Constantly, Stay Aware
After edging close to an all-time high earlier this year, Las Vegas home prices pulled back in August, according to the latest report from Las Vegas Realtors (LVR). The median price for a single-family home in the area fell to $476,875, marking a retreat after months of price increases. Condominiums and townhomes experienced a similar dip, with their median price ending the month at $292,000, which is $4,000 lower than July’s record.
LVR President Merri Perry noted that, despite the price reductions, the overall trend for home prices this year has been upward, both locally and across the nation. “We’re hoping homes will soon become at least somewhat more affordable for buyers – assuming interest rates start to decline this fall as national experts are expecting,” Perry said.
Mortgage Rates: Not Much Change on the Horizon
While some are optimistic about interest rates easing, online real estate broker Redfin cautioned that mortgage rates might not drop significantly in the near future. Markets have already factored in potential rate cuts by the Federal Reserve, expected to begin in September and continue through 2025. Currently, the average mortgage rate in Nevada sits at 6.73% for a 30-year loan, according to Bankrate.The Political Factor in Housing Affordability
As the 2024 election approaches, promises to address housing affordability are common. However, any substantial changes will likely depend on Congressional action to allocate funds. The election results could either advance or derail these initiatives.LVR’s August Housing Market Report: Key Highlights
LVR’s monthly report, which only covers sales through its Multiple Listing Service (MLS) and excludes new home sales or owner-listed properties, offers more insights into the Las Vegas housing market:- 24.1% of all property sales were cash sales, a drop from 26.0% a year ago, and far below the August 2013 peak of 59.5%.
- 5,268 single-family homes were listed without offers by the end of August, a 35.7% increase from the same time last year.
- 1,640 condos and townhomes were listed without offers, up a significant 67.7% from a year ago.
- 2,711 homes, condos, and townhomes were sold in August. Sales of single-family homes increased by 6.4% year-over-year, but sales of condos and townhomes fell by 10.5%.
- The housing supply reached 2½ months at the end of August, compared to less than two months of supply a year earlier.
- 0.6% of August sales were short sales or foreclosures, a slight drop from 1.6% last year.
Speed of Sales
In August, 86.5% of single-family homes and 82.9% of condos and townhomes sold within 60 days, a slight improvement from last year’s numbers for homes, but a drop for condos and townhomes. The Las Vegas housing market continues to evolve as home prices fluctuate and mortgage rates stabilize at higher-than-usual levels. Buyers and sellers alike will need to keep a close watch on economic and political developments in the months ahead.
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