LAS VEGAS (KTNV) — The month-over-month median price for a home in the Las Vegas Valley jumped in May, according to a report released Tuesday.
The median price for an existing home in the valley was just over $442,000 last month, up from about $430,000 in April, according to the Las Vegas Realtors trade group. Still, the figure was down from a record high of $482,000 for May 2022.
Part of the recent increase can likely be attributed to what is normally a busier spring and summer selling season, according to Lee Barrett, president of the trade group.
In a statement, Barrett said the market is "bouncing back" from a recent downturn, which was partly caused because of rising interest rates.
As of June 1, according to Freddie Mac, the average interest rate for a 30-year mortgage was 6.79%, up 1.7% from the same time a year ago. In Southern Nevada, the median price for a condo or townhome was $275,000 in May, up about 2% from the same month in 2022.
The region is on pace to have fewer homes sold this year than in 2022, according to the report. Just under 35,600 homes sold last year, which was down from about 50,000 — a record — in 2021.
Founded in 1947, and formerly known as the Greater Las Vegas Association of Realtors, the Las Vegas Realtors group has about 17,000 members in Southern Nevada.
