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Nevada

LVR reports local home prices springing forward

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LVR reports local home prices springing forward


LAS VEGAS – A report released Tuesday by Las Vegas REALTORS® (LVR) shows local housing prices springing forward in April, with condo and townhome prices reaching a record high.

LVR reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during April was $469,000. That’s up 9.1% from $430,000 in April of 2023. However, local home prices are still below the all-time record of $482,000 set in May of 2022.

2024 LVR President Merri Perry
2024 LVR President Merri Perry

The median price of local condos and townhomes sold in April was $290,000, up 7.4% from $270,000 in April 2023. That’s an all-time high, surpassing the $287,000 mark set in August of 2022.

LVR President Merri Perry, a longtime local REALTOR®, said local home prices have remained resilient this year despite recently rising mortgage interest rates. Despite rising rates, she was pleased to see an increasing number of properties being sold last month.

“Mortgage rates have been slowing down home sales this year, so it’s good to see more homes and condos selling,” Perry said. “Overall, demand continues to outpace the supply of homes here in Southern Nevada, and that’s driving up prices.”

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By the end of April, LVR reported 3,476 single-family homes listed for sale without any sort of offer. That’s down 7.0% from one year earlier. Meanwhile, the 1,248 condos and townhomes listed without offers in April represent a 29.5% increase from one year earlier.

LVR reported a total of 2,960 existing local homes, condos and townhomes sold in April. Compared to April 2023, sales were up 19.2% for homes and up 16.1% for condos and townhomes. The sales pace in April equates to less than a two-month housing supply, which is similar to one year ago and considered low by historical standards.

According to LVR, 2023 was the slowest year for existing local home sales since 2008. LVR reported a total of 29,069 sales of existing local homes, condos and townhomes in 2023. That was down from 35,584 total sales in 2022. That followed a record year for existing local home sales in 2021, when LVR reported 50,010 total properties were sold.

During April, LVR found that 26.9% of all local property sales were cash transactions. That’s up from 22.3% one year ago. That’s well below the May 2013 cash buyer peak of 59.5%.

The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.2% of all existing local property sales in April. That compares to 0.8% one year ago, 0.5% two years ago, 0.9% three years ago, 1.5% four years ago and 3.0% of all sales five years ago.

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These LVR statistics include activity through the end of April 2024. LVR distributes statistics each month based on data collected through its MLS, which does not account for all newly constructed homes sold by local builders or homes for sale by owners. Other highlights include:

  • The total value of local real estate transactions tracked through the MLS during April was more than $1.4 billion for homes and more than $193 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in April were up 35.4% for homes and up 28.5% for condos and townhomes.
  • In April, 83.0% of all existing local homes and 84.1% of all existing local condos and townhomes sold within 60 days. That compares to one year earlier, when 71.5% of all local homes and 75.7% of all condos and townhomes sold within 60 days.

About LVR

Las Vegas REALTORS® (formerly known as GLVAR) was founded in 1947 and provides its nearly 17,000 local members with education, training and political representation. The local representative of the National Association of REALTORS®, LVR is the largest professional organization in Southern Nevada. Each member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.LasVegasRealtor.com.



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Nevada

State offices on two hour delay due to weather conditions

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State offices on two hour delay due to weather conditions


RENO, Nev. (KOLO) – State offices in Nevada are on a two hour delay due to winter weather.

The opening of state offices in Carson City, Douglas, Storey, and Washoe Counties was delayed by two hours Thursday morning.

Heavy snowfall and high winds are creating hazardous driving conditions around northern Nevada.

State offices will open at 10:00 a.m.

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Clark County’s Rebecca Place aims to expand homeownership opportunities in Southern Nevada

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Clark County’s Rebecca Place aims to expand homeownership opportunities in Southern Nevada


For Clark County Commissioner Marilyn Kirkpatrick, the groundbreaking for Rebecca Place marked a moment she said nearly brought her to tears — a sign, she believes, that more Southern Nevadans could soon have a realistic path to owning a home.

“I always think that if you want to own a home, you should have an opportunity, and I run into so many people, ‘You know what, I don’t think I can get there.’ Now, I run into people who say, ‘I think I can get there,’” Kirkpatrick said.

Rebecca Place is a 30-home development planned near Rebecca Road and West Tropical Parkway. The homes are estimated to cost around $300,000, far below the recent median price for single-family homes of $470,000, according to Las Vegas Realtors.

The project is aimed at what officials describe as the “missing middle” — families who make too much to qualify for low-income housing but still struggle to afford higher-priced homes.

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Homebuyers at Rebecca Place will be limited to households earning between $68,000 and $85,000 per year.

“We love to call it attainable housing because we think their salary should have them attain homeownership,” Kirkpatrick said.

The development is expected to be the first in Nevada built through a community land trust, or CLT. Under the model, the land is owned by the community while the home is owned by the individual, who also pays a ground lease. When the home is resold, it cannot be sold for market price — a restriction the county says is designed to keep the home affordable for the next buyer.

During a visit to the site in the early stages of development, Shannon Mitchell, a nurse who was at a park across the street, said housing costs have become out of reach for younger adults.

“It’s not affordable for my children, 22 to25 years old. They’re paying more rent than what I pay for more my mortgage,” Mitchell said.

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Mitchell said she supports the concept and the opportunities it could create. “That’s a good idea for the county, a good idea for opportunities for the families in between,” she said. The project could be in place by late summer.

Some residents have raised concerns about how the development could affect home values. The county said the homes cannot be sold for market value, so they should be assessed accordingly.

Kirkpatrick said the project is meant to offer long-term stability for families who may be able to move in by the end of the year.

“Kids today can’t see the forest through the trees on maybe ever owning a home. This has a piece in it. You can pass it down to your family,” she said.



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Nevada sues Kalshi to block company’s prediction market operation in state

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Nevada sues Kalshi to block company’s prediction market operation in state


Nevada gaming regulators filed a lawsuit on Tuesday seeking to block the prediction market operator Kalshi from offering events contracts that would allow its residents to bet on sports including football and basketball games.

The Nevada gaming control board filed the lawsuit as part of an escalating battle over the ability of state gaming regulators nationally to police companies like Kalshi that allow users to place financial bets through their prediction markets.

It sued on the same day that the Commodity Futures Trading Commission in a brief in related litigation threw its support behind companies like Kalshi by arguing it had exclusive jurisdiction over prediction markets. Kalshi had sought for months to prevent Nevada regulators from filing a case against it. But a federal appeals court on Tuesday declined to put on hold a judge’s November order dissolving an injunction that had previously prevented Nevada authorities from pursuing an enforcement action. Should Nevada prevail, it would become the second state to secure a court order blocking Kalshi from offering sports events contracts, after a Massachusetts judge on 5 February issued an injunction at the behest of the state’s attorney general.

That injunction was set to take effect in 30 days, but a state appeals court justice on Tuesday put it on hold while Kalshi appeals.

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Nevada in Tuesday’s lawsuit contends that offering sports event contracts, or certain other event contracts, constitutes wagering activity under Nevada state law and that, as a result, Kalshi must be licensed.

It said Kalshi had not complied with state gaming regulations, including those prohibiting anyone under 21 from placing wagers and requiring entities accepting wagers on sports events to deploy safeguards against wagers by insiders like players and match-fixing.

The state has already convinced judges to issue orders barring two other prediction market operators, Coinbase and Polymarket, from offering events contracts. Nevada is seeking to have a state court judge issue a similar temporary restraining order against Kalshi, but the company soon after Tuesday’s case was filed sought to have it transferred to federal court, saying the case raised a matter of law over whether it was subject to the CFTC’s exclusive jurisdiction.

The New York-based company contends the federal regulator has sole jurisdiction over its events contracts as they are a form of swaps, a type of derivative contract.



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