The median price for existing Las Vegas single-family homes sold in March dropped to $480,000, according to the Las Vegas Realtors Association. That was a slight decline of 1% from last year’s $482,000. Condos and townhomes also took a dip of nearly 4% to $295,000. Inventory, meanwhile, rose for the umpteenth month in a row. The nearly 6,500 houses on the market represented an increase of 19% year over year, while the nearly 2,600 condos were up 17%. Sales of houses were up 7% year over year; sales of condos were down 9%. Rising interest rates and fears of an oil-based recession were blamed for the numbers, though as always, the realtors quoted in the coverage insist that the fundamentals of the southern Nevada market remain strong.
Source: Las Vegas News