Sales and prices of used homes rise in April in Las Vegas

Real estate agent Teresa McCormick, left, worked with Lisa Colavito and her husband to buy this house on Decatur Boulevard near Blue Diamond Road.

Las Vegas’ used-home market had rising sales and prices last month, although ignored listings kept climbing, a new report shows.

The median sales price of single-family homes in Southern Nevada in April was $212,568, up 3.7 percent from March and 10.7 percent from a year ago, according to the Greater Las Vegas Association of Realtors.

Buyers picked up 2,753 single-family homes last month, up 1.7 percent from March and 5.3 percent from April 2014, GLVAR reported.

Meanwhile, 7,296 single-family homes were on the market without offers at the end of April, up 0.5 percent from March and 13.6 percent from a year ago.

GLVAR reports data from its listing service, which largely comprises previously owned homes.

Real estate agents have said that ignored listings are climbing because sellers, emboldened by the investor-fueled run-up in prices the past few years, are overpricing and not getting any bites.

Owners sold 2,707 single-family homes in March, up 38 percent from February, though prices were flat month-to-month at $205,000, perhaps indicating that sellers were “asking more realistic prices for their homes,” GLVAR President Keith Lynam said last month.

Lynam says it’s too soon to label two months of increased sales “a trend, but it’s good news nonetheless.”

“Overall, it’s shaping up to be a good spring for our local housing market,” he said in today’s report.

Tags: Business
Real Estate