Southern Nevada housing market shows life, prices up slightly

A home for sale at 1651 Palora Ave. in Las Vegas Friday, Sept. 9, 2022. (K.M. Cannon/Las Vegas Review-Journal)Construction is underway for a new real estate neighborhood in the northwest of Las Vegas in Skye Canyon, on Wednesday, Dec. 21, 2022. (Bizuayehu Tesfaye Las Vegas Review-Journal) @btesfaye
Southern Nevada home prices increased small in April after staying flat for the previous 4 months, a brand-new report shows, while sales continued to fall.

The typical list prices for formerly owned single-family homes in Southern Nevada was $430,000 in April, up 1.2 percent from March however down 9.5 percent from $475,000 in April 2022, according to trade association Las Vegas Realtors, which gathers information from its listing service.

Townhomes and condominiums also reported a rate increase last month. The mean prices was $270,000, 3.8 percent increase from March however a 1.8 percent year-over-year decline.

Las Vegas Realtors President Lee Barrett stated the market seems nearing the bottom of its latest slump.

" With local home and condo prices increasing a little from the previous month, this may be another indicator that we are either at or perhaps even past the bottom of this cycle," Barrett said in a news release. "Until April, regional house costs had not really changed considering that December. It had been more than 4 years because regional home costs remained flat for that long."

Just 1,962 single-family homes sold in April, falling 16.9 percent from March and a 34.6 percent drop from April 2022. The decline likewise encompassed apartments and townhouses, which reported 535 sales in April, an 11 percent decline from March and a 31.1 percent decline for the same period last year.

The sales pace last month shows a less than two month supply of properties readily available for sale, according to Barrett, when this time in 2015 Southern Nevada was dealing with a housing shortage with less than a one month supply.

Las Vegas Realtors said it anticipates the speed of house sales to be slower this year compared with 2022, when it reported an overall of 35,584 sales that year. And 2021 saw a record year of existing house sales with 50,010 domestic units sold - - the very first time the trade group saw more than 50,000 homes offering in a year, topping the 2011 record by nearly 2,000 sales.

An overall of 3,737 single-family homes were on the market at the end of April without any offers, a 10.9 percent reduction from March but up 53.1 percent from the exact same time in 2015. There were an overall of 964 condos and townhouses listed without deals at the end of April, a 12.6 percent drop from March but an 89.8 percent boost from April 2022.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on Twitter.