Las Vegas home prices rose last month amid a drop in purchases.
The median sales price of single-family homes in Southern Nevada in July was $236,000, up 0.4 percent from June and 7.3 percent from a year ago, according to a new report from the Greater Las Vegas Association of Realtors.
Buyers picked up 2,837 single-family homes last month, down 12.7 percent from June and 7.2 percent year-over-year.
The GLVAR reports data from its listing service, which largely comprises previously owned homes.
Despite the drop in sales totals last month, GLVAR President Scott Beaudry, owner of Universal Realty, said home sales through the first half of 2016 outpaced last year’s tally. He also noted that prices, which had been largely flat for almost a year, “have been going up gradually.”
According to the GLVAR, the median sales price of previously owned single-family homes — the bulk of Las Vegas’ for-sale market — hovered around $220,000 from June 2015 through April this year.
“The local housing market is having a pretty solid summer so far,” Beaudry said in a news release.
According to Beaudry, however, sales totals last month dropped the most for lower-priced homes, which “suggests it’s getting harder for entry-level buyers to find the homes they want.”