Current home prices are coasting in Southern Nevada and fewer houses are being sold than in years past. Here’s why:
The Las Vegas-area housing market continued to show signs of stability in August, according to a report from the Greater Las Vegas Association of Realtors.
The median price of an existing single-family house in Southern Nevada, according to figures from the association’s Multiple Listing Service, was $305,000.
That’s up just slightly from July and up more than 3% from the August 2018 figure ($295,000).
“I guess you can say we’re coasting along right now,” said Janet Carpenter, Realtor and president of the association. “Local home prices are still appreciating compared to last year at this time, but at a rate more in line with historic averages.”
The median price of a single-family home in Southern Nevada has been generally hovering around the $300,000 mark since last fall.
The median sale price for condominiums and townhomes in August was $177,000, up more than 4% from the same month in 2018.
Carpenter said fewer homes have been selling this year compared to the previous few years. The association reported a 42,876 local property sales in 2018, down from just under 45,400 in 2017.
Carpenter said 2019 has been trailing last year’s sales pace.
Through August, association data showed more than 7,700 single-family homes listed for sale without an offer. That’s up nearly 34% from the same point in 2018.
According to the report, Southern Nevada has less than a three-month supply of homes on the market. Anything under a five-month supply is generally considered a seller’s market.
Founded in 1947, the GLVAR serves more than 14,000 area agents.