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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

Nevadans honor veterans’ ‘ultimate sacrifice’ on Memorial Day — PHOTOS

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Nevadans honor veterans’ ‘ultimate sacrifice’ on Memorial Day — PHOTOS


This Memorial Day brought Army veteran Doug Rogness back to his time as a commercial pilot.

For years, he took the pilot’s seat for United Airlines. But perhaps his most important flight was bringing home the remains of First Lt. Jared Landaker, a Marine who died in 2007 in Iraq War combat.

Landaker’s legacy lives on today through the Seven Stars Foundation, an organization Rogness was reminded of Monday as local veterans and their families reflected on the sacrifices made to defend the United States.

“There’s a lot of people out there who have sacrificed for what we have today,” said Rogness, who now lives in Henderson. “There’s a lot of people who don’t appreciate that.”

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Rogness was one of hundreds of Nevadans who gathered in Boulder City’s Southern Nevada Veterans Memorial Cemetery on Monday afternoon to honor both lives lost and time served in the U.S. military. Among the crowd were politicians like Rep. Susie Lee and Rep. Dina Titus, D-Las Vegas, and Las Vegas mayoral candidate Shelley Berkley.

Defending the country is no easy task or one that should be taken for granted, Rogness said. Over time, the 72-year-old said he’s noticed younger generations seem to take less interest in what’s happening with geopolitical conflict.

“Everyone used to be really involved, whether you were here at home or you were out fighting,” he said.

‘Respect, sacrifice and service’

Across the sprawling grounds of the cemetery Monday were a slew of American flags. Thirty-four thousand, one hundred of them, to be exact, representing each of the fallen soldiers who are memorialized within the cemetery’s 79 acres.

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Col. Mary Devine, director of the Nevada Division of Veterans Services, said groups of volunteers set up the flags throughout the weekend as a physical representation of shared pride.

“Today, we use small American flags as a symbol of our respect, sacrifice and service for our fallen who did not make it home,” she said.

Instead of a scheduled keynote speech from Gov. Joe Lombardo, state Office of Energy head Dwayne McClinton spoke to the crowd about what he learned during his time in the Marines.

He noted Nevada’s official list of fallen heroes in the Nevada State Capitol Building that tallies 895 state residents who died in conflict. Everyone with a family member who served in the Armed Forces has made “the ultimate sacrifice,” McClinton said about those who have suffered the pain of losing a fallen loved one.

“The debt we owe you is one we can never repay,” McClinton said. “There will never be a ceremony or a tribute that will ease the pain.”

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Veterans groups from around Southern Nevada also showed their support.

Valerie Pizarro, vice president of the Firefighter Memorial Transport, said her volunteer organization is involved in processionals for fallen first responders in the region. Her husband Frank founded the nonprofit largely because of what he witnessed as a first responder during the 9/11 terrorist attack on New York City.

Pizarro, whose brothers and father also served, said it’s vital for everyone to understand what military families give up for a sense of collective safety.

“We know many people from the Vietnam War days,” said Pizarro, who grew up on the Fort Leonard Wood military base in Missouri. “I was small, but I was aware because many of my friends’ fathers and brothers didn’t come home.”

Contact Alan Halaly at ahalaly@reviewjournal.com. Follow @AlanHalaly on X.

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Nevada

Nevada Lithium CEO sees big upside at Bonnie Claire with new boron discovery

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Nevada Lithium CEO sees big upside at Bonnie Claire with new boron discovery


About Angela Harmantas

Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. She earned a Bachelor of… Read more

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Nevada

Powerful directional microwave downs six UASs in Nevada desert

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Powerful directional microwave downs six UASs in Nevada desert


On May 21, the US Army teamed up with the tech company Epirus to test the cutting-edge Leonidas anti-aircraft system in the Nevada desert. During the test, Leonidas showcased its prowess by successfully shooting down six unmanned aerial systems [UAS] using a silent high-power microwave [HPM] device, according to a statement from Epirus. 

Photo credit: Epirus Inc

Epirus has introduced three different versions of the Leonidas counter-electronics system in less than two years. The latest version debuted with impressive results at a recent Department of Defense [DoD] technology demonstration, highlighting the company’s leadership in the counter-electronics market. 

The heart of Leonidas is Epirus SmartPower. This innovation arose from the goal of creating a smaller, yet equally powerful and efficient, HPM system compared to older models. Epirus claims that they have revolutionized the way we think about HPM systems by transitioning from analog to digital technology.

Powerful directional microwave downs six UASs in Nevada desert
Epirus screenshot

Inside Leonidas

Underneath the hood of the Leonidas, you’ll find gallium-nitride-based linear switchable amplifier modules [LRAMs] that come with unique power management, control, and amplification features. This LRAM design offers remarkable flexibility, unmatched reliability, and advantages over other high-power microwave [HPM] methods. 

Each LRAM is built on Epirus’ innovative SmartPower technology platform, which combines hardware, software, and intelligent services to deliver outstanding power management. Thanks to SmartPower, Leonidas can achieve the high power output needed for HPM pulses without overheating. 

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Lastly, Leonidas boasts software-defined capabilities that allow for highly complex and customizable waveforms. Being software-defined means Leonidas can fine-tune its waveforms to either target a single entity in tight spaces or cover broader areas. This provides the operational flexibility to neutralize threats like enemy drones close to friendly assets or large swarms of drones with the same system.

Microwaves as a weapon

Microwaves, when they reach their target, have the unique capability to induce currents in electronic circuits. This can lead to malfunctions or even permanent damage to electronic components, making these systems highly effective against electronic devices and communication infrastructure. 

Beyond interfering with electronics, powerful microwave beams can also produce heat. This thermal effect can cause physical damage to materials and structures, though it’s a less common application compared to causing electronic disturbances. 

To function, microwave systems are typically powered by high-voltage sources that generate the necessary energy for the microwaves. The overall power and efficiency of both the microwave generation and its delivery system are crucial elements that determine the weapon’s effectiveness.

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Mobile Leonidas

Leonidas is a cutting-edge, high-power solid-state HPM system that leverages gallium nitride [GaN] semiconductors to deliver unparalleled anti-electron effects. This advanced system is designed to minimize size, weight, and deployment time while maximizing maneuverability, safety, and operator control. 

With Leonidas Mobile, you get the flexibility to integrate this powerful system into any vehicle or tow truck, offering robust anti-UAS and anti-swarm capabilities on the battlefield. As a fully mobile counter-electronics solution, Leonidas Mobile represents a groundbreaking advancement in mission assurance.

***

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