Las Vegas home prices slipped slightly in the latest month, the Greater Las Vegas Association of Realtors reported on Nov. 6.
There were more homes on the market and fewer people people choosing to buy homes in Southern Nevada compared to the same time last year, the Realtors group said in a statement.
The actual median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during October came in at $295,025. That was down 1.7 percent from September – when the median home price hit $300,000 for the first time in more than 11 years, the group noted.
But October’s median home price was still up 12.2 percent from $263,000 in October 2017.
Prices for condos and townhomes also surged. The median price of local condos and townhomes sold in October was $174,000, up 24.3 percent from the same time last year.
“Local housing prices are still appreciating at a healthy rate year over year, even though they’re not going up as fast as they were a few years ago,” said GLVAR President Chris Bishop, in the statement. “Although we sold more homes in October than we did in September, we’re on pace to sell fewer homes this year than we did last year. At the same time, potential buyers should be encouraged to see more homes on the market.”
Local home prices have been rising since 2012. But the records still stand.
The median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June 2006. The bottom was $118,000 in January 2012.
After seeing the local housing supply shrink over the past few years, Bishop said, “We’re almost up to a three-month housing supply, which means we’re getting closer to a more balanced market.”
The total number of existing local homes, condos and townhomes sold during October was 3,335. Compared to one year ago, October sales were down 9.6 percent for homes and down 2.1 percent for condos and townhomes.
What’s next for Las Vegas home prices? That’s hard to say.
We recently walked past a home listed for sale in a well-known master-planned community. The home had decent curb appeal and included a pool. It was listed for well above the median at $360,000 with a $218/price per square foot.
We’ll walk by again in a couple of weeks and see if it’s been sold.
