Las Vegas Sun

March 28, 2024

Las Vegas home prices, sales slip in January

Home prices in Southern Nevada dipped slightly in January as investors purchased an even greater percentage of homes, according to statistics released this morning by the Greater Las Vegas Association of Realtors.

The median price of homes sold in January was $134,925, down about 1 percent from $136,000 in December. The price was 15.7 percent below where it was in January 2009.

The 2,608 sales of homes in January was 24 percent lower than the number in December, but sales were 17 percent higher than January 2009, the GLVAR reported.

Foreclosure sales continue to shrink, dropping to 57.4 percent in January, down from 60.1 percent in December. The reason is more lenders are allowing homeowners to sell their properties for less than what’s owed on the mortgage, according to the GLVAR.

The so-called short sales accounted for 21.1 percent of sales in January, a two percentage point increase over December. It has risen consistently over the last several months.

The percentage of Southern Nevada homes purchased with cash in January was 45.5 percent, up from 40.4 percent in December. That’s the highest percentage ever tracked by the GLVAR.

The GLVAR tracks homes on the Multiple Listing Service in Clark, Nye and Lincoln counties.

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