Looks like it’s going to be a little longer before Las Vegas breaks the 12-year-old record for home prices.
The Greater Las Vegas Association of Realtors reported on Aug. 8 that the median price for existing single-family homes sold in Southern Nevada remained at $290,000. That’s the same as June but nearly 12 percent higher than the $260,000 reported for July 2017.
“Local home prices had been on the rise for most of 2018, but have been slowing down this summer,” GLVAR President Chris Bishop, a longtime local Realtor, said in a statement. “Sales have been leveling off, too. We’re glad to see the housing supply increasing slightly in recent months, but our inventory is still very tight.”
The median price of existing single-family homes sold in Southern Nevada reached its zenith at $315,000 in June 2006. The low point was $118,000 in January 2012.
GLVAR officials also said in the statement that the the total number of existing local homes, condos and townhomes sold during July was 3,955. Compared to a year ago, July sales were up 1.4 percent for homes and up 17.2 percent for condos and townhomes.
Also, so-called distressed sales continue to drop. GLVAR reported that short sales and foreclosures combined accounted for 2.9 percent of all existing local home sales in July, down from 6.4 percent of all sales one year ago.
