Home prices keep rising amid ‘housing shortage’ in Southern Nevada

A look at construction happening at Cadence master-planned community in Henderson on October 23, 2015.

Local home prices continued to climb in April as Southern Nevada now has less than a two-month supply of homes available for sale, according to a report released Monday by the Greater Las Vegas Association of Realtors.

“Our housing supply has been tight for a couple of years, but now it’s getting to the point where it’s fair to call this a housing shortage,” GLVAR President David J. Tina said. A six-month supply is considered to be a balanced market.

“As experts from the National Association of Realtors have been saying recently, this has become a concern across the country,” Tina said. Most metro areas are now facing a housing shortage. But this is a bigger issue here in Southern Nevada, where our population and the demand for housing are growing faster than most places.”

By the end of April, GLVAR reported 5,083 single-family homes listed for sale without any sort of offer. That’s down 30.9 percent from one year ago. For condos and townhomes, the 639 properties listed without offers in April represented a 71.4 percent drop from one year ago.

The median price of existing single-family homes sold during April through its GLVAR’s multiple listing service (MLS) increased to $249,000. That was up 2.9 percent from March and up 12.9 percent from April 2016. The median price of local condos and townhomes sold in April was $130,000, up 5.7 percent from March and up 8.4 percent from April 2016.

Like prices, local home sales have also been increasing this year. The total number of existing local homes, condos and townhomes sold in April was 3,529, up from 3,518 in April 2016. Compared to one year ago, sales were up 1.7 percent for homes, but down 5.3 percent for condos and townhomes.

According to GLVAR, home sales in 2017 continue to outpace 2016, when 41,720 total properties were sold in Southern Nevada. That was more than the 38,577 properties sold during 2015. It was also more total sales than in 2014, but fewer than each year from 2009 through 2013.

Real Estate