February brings huge dive in Las Vegas home rates

LAS VEGAS (BNN) - - Prices soared in the Las Vegas home market in February, with single-family homes increasing by $15,000 considering that January according to figures released by Las Vegas Realtors (LVR).

The average price for a home struck $460,000, an 8.2% increase over prices a year back and 3.4% greater than simply a month previously.

Condominiums and townhouses in Las Vegas rose even faster, with rates nearing the record set seven months earlier. The mean rate was $283,000, nearly 11% higher than costs in February 2023 and nearly 3% greater than the previous month. The all-time high was $287,000 in August 2023.

A total of 2,426 homes sold in February. For single-family homes, sales were up 10.1% over a year back. For condos/townhomes, sales were up 17.8%.

Ther rise follows a seven-month duration when prices moved less than $5,000 between months. And while it may be great news for property owners, it's just another action in pricing a lot of buyers out of the marketplace.

LVR President Merri Perry sees the surge in sales as a good indication. She stated sales typically pick up in spring and summer season. And 2023 was the slowest year for existing home sales, apartments and townhouses because 2008.

"It's motivating to see that we're offering more homes so far this year, even with the headwinds we've been dealing with in the housing market," Perry said. Greater rates of interest and a low stock of homes have actually made it a difficult housing market.

Bankrate reports the present rate for a 30-year set mortgage in Nevada is 7.45%.

Nationally, Redfin reported on Friday that brand-new listings rose 13% year over year during February and stocks are enhancing.

Details from LVR does not consist of sales of new homes - - only homes offered on LVR's Multiple Listings Service (MLS). The typical price is the one in the middle - - half are greater and half are lower.

LVR reported 29.7% of all regional property sales were cash in February, up from 27.1% a year back. That's still well listed below the May 2013 cash buyer peak of 59.5%.

In February, 73.2% of all existing local homes and 76.9% of all existing local condominiums and townhouses sold within 60 days. That compares to February 2023, when 61.0% of all existing regional homes and 68.9% of all existing regional condominiums and townhouses sold that quickly.