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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, California, Arizona propose water plan pushing cuts to 20%

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Nevada, California, Arizona propose water plan pushing cuts to 20%


LAS VEGAS (KLAS) — Water officials from Nevada, Arizona and California say they will make extra contributions by reducing their use of the Colorado River. Combined with earlier commitments, the proposed cuts add up to a total of about 20% of the states’ water allotments.

The plan, released Friday by the three states, would stabilize the river through 2028, according to a joint news release. It adds an extra contribution of 700,000 acre feet of water to cuts already in place. An acre foot is literally the amount of water it takes to cover an acre of land in water a foot deep. That’s 325,851 gallons, enough water to supply two to three households for a year.

Las Vegas relies on the Colorado River for 90% of its water, but recycling has consistently allowed Southern Nevada to use a lot less water than Nevada’s full allotment. Recycled water is returned to Lake Mead, and that is subtracted from the state’s “consumptive use” of the river. After all the math, Southern Nevada uses about two-thirds of its water allotment. Nevada is seen as a conservation and recycling model for other states to follow.

“This proposal is about moving from ideas to implementation,” John Entsminger, general manager of the Southern Nevada Water Authority (SNWA), said in a statement included in the news release.

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“It pairs real measurable water contributions with sensible dry-condition operations at Lake Powell and across the Upper Initial Units. Now is the time for every water user in the Basin to double down on water conservation as we face historically dry hydrology.”

John Entsminger, general manager of the Southern Nevada Water Authority. (KLAS)

The timing of the announcement comes as the federal government is working on a plan to replace a set of Colorado River rules that expire at the end of 2026. The three states behind the proposal, along with the four states in the Upper Colorado River Basin — Colorado, New Mexico, Utah and Wyoming — were unable to reach a consensus agreement. That’s when the federal government said it would put its own plan in place.

The Upper Basin states are asking for mediation, but the new proposal addresses what Lower Basin states see as an urgent need for immediate action — from every state. “The Lower Basin states stand ready to engage in a meaningful process for long-term solutions while encouraging the Upper Basin to step forward now with verifiable water contributions to help stabilize the system and support a near-term, seven-state bridge,” the news release said.

Friday’s plan involves cuts from the Lower Basin states, but those are contingent on actions at Lake Powell and reservoirs farther up the river. Without federal backing, those upstream actions are unlikely to happen. The plan also asks for congressional funding to assist states in making changes.

A low water ring is seen around Hoover Dam on April 16, 2023, in Lake Mead National Recreation Area, Nevada. The flight for aerial photography was provided by LightHawk. (Photo by RJ Sangosti/MediaNews Group/The Denver Post via Getty Images)

“I think the scariest thing about this proposal is that we are hearing the top water officials on the Colorado River system talk about elevations of Lake Mead going to depths that we have never seen before,” Kyle Roerink, executive director of the Great Basin Water Network, told 8 News Now on Monday.

“It’s no surprise that the leadership of the Southern Nevada Water Authority played a big role in developing this because it focuses on conservation. And the conservation that we are seeing proposed is the type of thing that Las Vegas is built and ready to handle. It also signals that other communities are getting serious about this as well,” he said.

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Roerink said Nevada can handle big cuts that are coming, but other states are far behind in adjusting to the realities of drier conditions.

“They’re manageable because we’ve taken on the challenge of turf removal, watering restrictions, septic tank removal, moratoriums on evaporative cooling and data centers. This is why we have the resiliency,” Roerink said.

While every state is conserving some amount of water, the Lower Basin states are doing the hard work of trying to come up with a plan, Roerink said. The Upper Basin hasn’t been a part of that. Instead, those states are “digging in their heels,” he said.

California is by far the biggest user of Colorado River water, which flows through pipes and channels to metro Los Angeles and farmland in the Imperial Valley.

“With this proposal, the Lower Basin is putting forth real action to stabilize water supply along the Colorado River. We’re putting forward additional measurable water contributions for the system. Without that, the system will continue to decline,” JB Hamby, chairman of the Colorado River Board of California, said.

Up to now, Arizona has taken the steepest cuts as the desert Southwest has struggled through a federally declared water shortage since 2022. Farmers in Arizona were the first to have their water supplies reduced.

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Tom Buschatzke, director of the Arizona Department of Water Resources, said the proposal reflects the creativity and commitment of water users across the Lower Basin. “We have shown that collaborative, voluntary efforts and reductions that are certain can produce meaningful water savings,” he said.

Roerink, who acknowledges that this year will likely be “one of the worst ever in recorded history in the Colorado River system,” said the plan from the Lower Basin states could go a long way in preventing hysteria. Making changes now could ensure that Lake Mead doesn’t drop to dangerous levels, he said.



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Viking preps 63-hole tungsten drilling blitz in Nevada

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Viking preps 63-hole tungsten drilling blitz in Nevada


Brought to you by BULLS N’ BEARS

Murray Ward

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Fire Safe Council executive director, former partner indicted on 29 felony counts

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Fire Safe Council executive director, former partner indicted on 29 felony counts


NEVADA CITY, Calif. – Nevada County District Attorney Jesse Wilson filed felony charges against Jamie Jones, executive director of the Fire Safe Council of Nevada County, and Chris Wackerly, Jones’ former partner and former director of operations for the organization.

The indictments allege 29 counts of fraud, grand theft, money laundering, embezzlement, perjury and forgery against each defendant. The indictments list embezzlement allegations dating from 2018 to early 2025.

Wackerly was arrested on Friday, May 1st, and booked in the Nevada County Jail. Jones has not been apprehended at publication time.

YubaNet reached out to DA Wilson late Friday after seeing Wackerly’s arrest in the jail media log.

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This is a developing story, check back for updates.

May 3, 2026 at 12:17 PM An update to this developing story has been posted.

Background

Concerns about the Fire Safe Council surfaced publicly as early as July 2021, when local media stories documented complaints from former employees.

A June 2022 Civil Grand Jury report identified deficiencies in the organization’s internal processes, drawing on public records, staff testimony and a whistleblower account. The FSCNC’s board response was deemed inadequate, prompting the 2023-24 grand jury to reinvestigate.

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The Board of the non-profit came out strongly against any allegations and in their response to a finding wrote, in part, “that the grand jury’s statements were “an opinion, not a finding” and calling the accusations “outrageously inappropriate, inaccurate and unfounded.”

The FSCNC has repeatedly denied any wrongdoing after the second Grand Jury report questioned its handling of grant funding. The organization attributed its financial difficulties to being designated a high-risk vendor by Nevada County – a designation that took effect April 12, 2024, one day before the FSCNC suspended operations and furloughed staff, citing a lack of available funding.

Despite that suspension, the FSCNC announced grants from Cal OES and FEMA in July and September 2024.

On Oct. 23, 2024, search warrants were executed at the FSCNC’s office and at the home Jones and Wackerly shared. Wilson said at the time that the warrants were part of an investigation into potential violations of penal codes covering embezzlement of public funds, but stressed that no arrests had been made and no charges filed.

Jones said the warrants also covered all electronic devices and that the organization “fully cooperated.”

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TriCounties Bank filed a notice of default against the Fire Safe Council on Jan. 17, 2025, for $806,301.30, including a business loan with an outstanding balance of $373,534.58. The council subsequently sold or returned equipment to the bank.

A criminal indictment contains charges that are only allegations against a person. Every defendant is presumed innocent until proven guilty.





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