LAS VEGAS (KLAS) — When Las Vegas home prices climbed to an all-time record last month, it wasn’t a fluke. Prices remained at record highs through February, according to a Las Vegas Realtors (LVR) report released early Thursday.
The median price for a single-family home came in at $485,000, repeating the January price. Condominiums and townhomes surged by $10,000 since January to their second-highest level at $303,000. That’s still $12,000 below the record from October 2024.
The median price is the one in the middle — half the homes sold for more and half sold for less.
The sustained increase in single-family home prices comes even as the supply has increased, according to LVR. At the end of February, there were 5,229 homes listed for sale without any sort of offer — a 50.6% increase over the supply in February 2024. The supply of condos/townhomes also was dramatically higher, with 2,025 listings without offers — a 74.6% increase over last year.
In February, LVR estimated a more than a three-month housing supply. Last year at this time, Southern Nevada had a less than a two-month housing supply.
“We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” LVR President George Kypreos said. “The decrease in mortgage interest rates during the past week or two is also welcome news for home buyers. Overall, it’s a more level playing field right now.”
Bankrate reported Wednesday that rates are 6.5% in Nevada for a 30-year fixed-rate mortgage loan. The national average is 6.74%.
Online mortgage broker Redfin said Wednesday that investor purchases have declined nationally, citing a slowing market.
“Investors are buying fewer homes for some of the same reasons other people are buying fewer homes: High home prices and high mortgage rates,” according to Redfin’s news release.
In February, 71.0% of all existing local homes and 71.9% of all existing local condos and townhomes sold within 60 days, according to LVR. That compares to one year earlier, when 73.2% of all homes and 76.9% of all condos and townhomes sold within 60 days.
The monthly report includes only houses sold through LVR’s Multiple Listings Service (MLS). It does not include new construction sales or homes sold by their owner.
LVR reported that 28.0% of all sales were cash transactions, down from 29.7% one year earlier and well below the February 2013 cash buyer peak of 59.5%.
A total of 2,296 existing homes, condos and townhomes sold in February. Single-family home sales were valued at a total near $1.1 billion, and condos/townhomes came in at $165 million, LVR said. Compared to February 2024, sales were down 6.1% for homes and down 2.8% for condos and townhomes.
