Las Vegas dwelling costs equal January file; condominiums surge by $10,000

LAS VEGAS (KLAS) — When Las Vegas dwelling costs climbed to an all-time file final month, it wasn’t a fluke. Costs remained at file highs by way of February, based on a Las Vegas Realtors (LVR) report launched early Thursday.

The median worth for a single-family dwelling got here in at $485,000, repeating the January worth. Condominiums and townhomes surged by $10,000 since January to their second-highest degree at $303,000. That is nonetheless $12,000 beneath the file from October 2024.

The median worth is the one within the center — half the houses bought for extra and half bought for much less.

The sustained enhance in single-family dwelling costs comes whilst the availability has elevated, based on LVR. On the finish of February, there have been 5,229 houses listed on the market with none form of provide — a 50.6% enhance over the availability in February 2024. The provision of condos/townhomes additionally was dramatically greater, with 2,025 listings with out provides — a 74.6% enhance over final yr.

LAST MONTH: Las Vegas dwelling costs surge to all-time file in January, LVR report exhibits

In February, LVR estimated a greater than a three-month housing provide. Final yr right now, Southern Nevada had a lower than a two-month housing provide.

“We’re seeing more homes available for sale here in Southern Nevada, giving buyers more choices,” LVR President George Kypreos stated. “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 charges are 6.5% in Nevada for a 30-year fixed-rate mortgage mortgage. The nationwide common is 6.74%.

On-line mortgage dealer Redfin stated 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,” based on Redfin’s information launch.

In February, 71.0% of all current native houses and 71.9% of all current native condos and townhomes bought inside 60 days, based on LVR. That compares to at least one yr earlier, when 73.2% of all houses and 76.9% of all condos and townhomes bought inside 60 days.

The month-to-month report contains solely homes bought by way of LVR’s A number of Listings Service (MLS). It doesn’t embrace new development gross sales or houses bought by their proprietor.

LVR reported that 28.0% of all gross sales had been money transactions, down from 29.7% one yr earlier and properly beneath the February 2013 money purchaser peak of 59.5%.

A complete of two,296 current houses, condos and townhomes bought in February. Single-family dwelling gross sales had been valued at a complete close to $1.1 billion, and condos/townhomes got here in at $165 million, LVR stated. In comparison with February 2024, gross sales had been down 6.1% for houses and down 2.8% for condos and townhomes.