The Las Vegas house market fell again in November
By TheNevadaGlobeStaff, December 6, 2022 6:11 am
LAS VEGAS, Nev. (702 Times, NV Globe) – As the year draws to a close, the housing market in Las Vegas is said to be continuing to cool.
According to the Las Vegas Realtors, the median price for a single-family house sold in Southern Nevada in November was $430,990.
This is a 2% decrease from October, when the median price was $440,000. It’s also down from the record of $482,000 established this past May.
Nonetheless, the median price in November was up 2.6% from $420,000 in November last year, according to Las Vegas Realtors.
“Local home prices are starting to look more like they did a year ago,” Brandon Roberts, Las Vegas Realtors president, said in a news release. “But we’re certainly in a different place than we were last year, when prices were soaring and setting records.”
He added: “The shift we’ve seen since mortgage interest rates started rising earlier this year has sparked a situation where many buyers are struggling to afford a home, while many homeowners are reluctant to sell and give up the historically low interest rate they’re enjoying on their current home.”
Last month, 1,983 existing houses, condominiums, and townhomes were sold. This is a decrease of more than 53% for houses compared to November 2021, and a decrease of more than 46% for condominiums and townhomes.
According to Las Vegas Realtors, 7,342 single-family homes were listed for sale without an offer at the end of November, an increase of more than 161% over the same time previous year. Similarly, the number of condominiums and townhouses listed without offers increased by roughly 223%.
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