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Las Vegas housing prices steady as market shows stability

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Las Vegas-area home prices continue to hover around a familiar price point, according to a housing market report.

July numbers from the Greater Las Vegas Association of Realtors showed the median price for an existing single-family house at $303,000, a slight dip from the previous month. For July 2018, the median price was $290,000, according to the report.

Janet Carpenter, president of the GLVAR, said in a statement that the July numbers continue to show the market is steady.

“We’re running out of synonyms for stable,” Carpenter said. “Local home prices are appreciating but at a more gradual rate than they have been in many years. The local housing market hasn’t been this stable in nearly 20 years.”

An aerial view of homes in the Summerlin area of Las Vegas.

Adobe Stock

Before slowing earlier this year, Las Vegas Valley existing house prices had generally been rising since early 2012.

In March, the median price for an existing house topped the $300,000 mark, an increase of just over 1% from February. The median price has been hovering around $300,000 since last fall.

The all-time high median price for existing houses in Southern Nevada was $315,000, a figure reached during the summer of 2006.

The median price for local condominiums and townhouses sold in July was $175,000, up more than a 5% from the same month in 2018.

Tom Blanchard, who will serve as president of the GLVAR next year, said a stable market is a good thing.

“I think the Las Vegas market is answering everybody’s prayers by taking a breather,” Blanchard said. “This is allowing working class Las Vegans to let their paychecks catch up and purchase a home.”

At the end of last month, the association reported that just over 7,800 houses in the Las Vegas Valley were on the market without an offer, a 63% increase from July 2018.

For condos and townhouses, 1,864 units were for sale with no offers at the end of last month, up 112% from July 2018.

“By having an increase of homes on the market, that just means there’s more inventory coming on than the people coming from out-of-town who are trying to buy everything up,” Blanchard said. “There’s more homes left over right now for those of us who live here and are trying to find a house.”

According to the July 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.

Tribune Content Agency

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