The median price for existing single-family homes sold in Southern Nevada during August was $295,000, the Greater Las Vegas Association of Realtors reported Thursday, Sept. 6.
That price matches the median price in May.
It’s up 1.7 percent from July and up 13.5 percent from $260,000 in August 2017. The median price of local condos and townhomes sold in August was $169,950. That’s up 2.4 percent from July and up 23.8 percent from the same time last year.
Prices are from Southern Nevada sales through GLVAR’s Multiple Listing Service or MLS.
“Our housing market has been cooling off a bit this summer. I wouldn’t say we’ve shifted from a seller’s market to one favoring buyers, but we’re starting to see the scales tilt more in that direction,” GLVAR President Chris Bishop, a longtime local Realtor, said in a statement. “Home prices and sales are starting to soften around the country. Most experts, including NAR Chief Economist Lawrence Yun, have been predicting slower appreciation and more inventory heading into 2019.”
Bishop said, “It may be some time before our local home prices surpass their all-time peak, like they have in most markets around the country.”
According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June 2006. Prices hit a post-recession bottom of $118,000 in January 2012.
Meanwhile, Bishop said in the statement that the housing supply increased in August. However, he said Southern Nevada still has less than a two-month supply of existing homes available for sale when a six-month supply would be a balanced market.
By the end of August, GLVAR reported 5,818 single-family homes listed for sale without any sort of offer. That’s up from July and up 12.8 percent from one year ago. For condos and townhomes, the 1,184 properties listed without offers in August represented a 73.4 percent increase from one year ago.
The total number of existing local homes, condos and townhomes sold during August was 3,881. Compared to one year ago, August sales were down 6.4 percent for homes, but up 11 percent for condos and townhomes. Overall, he said sales so far this year remain behind last year’s pace.
