Las Vegas Housing Market Cools Off For First Time Since April 2020

Since April of 2020, home prices in Las Vegas and Southern Nevada have been consistently going up every month. That trend appears to be finally cooling off.

Las Vegas Realtors announced that the average price of a single-family home in June was $480,000, down from the all-time record of $482,000. For condos and townhomes, the same trend. In June the average prices was $280,000, down from $285,000 in May.

So what does this mean?

Las Vegas Realtors president Brendan Roberts released a statement that said “Local home prices can’t keep going up at the rate they have been the past few years. More stable prices, along with the increasing number of homes on the market and decreasing number of homes being sold, are providing some relief for potential buyers.”

Las Vegas Realtors said June’s the pace of sales equates to just over a two-month supply of properties available for sale. It's still tight by historical standards, but that’s twice as much inventory as past months.

Could be a sign of further cooling off on housing prices ahead for Las Vegans.

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