Report: Southern Nevada home prices hold steady as inventory surges

/ File photo

Two homes are shown for sale in the southern Las Vegas Valley.

Home prices in Southern Nevada are stabilizing while available inventory continues to climb, potentially creating more favorable conditions for buyers, according to a Friday morning report from the Las Vegas Realtors trade group.

The median price for existing single-family homes in Southern Nevada held steady at $480,000 in May, matching April's figure and remaining below the all-time high of $485,000 recorded in the first quarter. Prices are still 1.5% higher than in May 2024.

Condos and townhomes saw their median price reach $307,000 in May, representing a 4.1% increase from the previous year but falling short of October 2024's record high of $315,000.

The shift toward buyer-friendly conditions is most evident in rising inventory levels, the report indicated. Single-family homes available without offers jumped 71.8% to 6,646 units compared to last May, while condos and townhomes without offers surged 89.6% to 2,510 units.

George Kypreos, the trade group's president, said the increased inventory and slower sales pace are giving buyers more options and negotiating power, marking a departure from the highly competitive seller's market of recent years.

The current sales pace translates to nearly three and a half months of housing supply, significantly higher than the less-than-two-month supply available in May 2024.

Additional market indicators show properties are taking longer to sell, with 81.6% of homes and 76.5% of condos selling within 60 days in May, down from 85.6% for both categories a year earlier.

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