Housing prices in Las Vegas Valley rise in May, still off from record highs

LAS VEGAS, Nev. (FOX5) - Housing prices in the Las Vegas Valley rose in May, but local realtors said the prices are nowhere near the record highs from one year ago.

According to Las Vegas Realtors, the average price for a single-family home sold in May in Southern Nevada was $442,120, which is up 2.8% from $430,000 in April. In May 2022, the average price for a home was a record-high $482,000.

The pace for home sales is slower than this time last year. According to Las Vegas Realtors, a total of 3,000 local homes, condos and townhomes were sold in May, down nearly 20 percent from May 2022.

Las Vegas Realtors president Lee Barrett said higher home prices may be putting the housing market’s recent downturn in the rearview mirror.

“Prices have now increased for a couple of months in a row heading into what is usually our strongest selling season,” Barrett said. “It seems safe to say that we’re bouncing back from the bottom of this recent downturn.”