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.