Real estate:

Las Vegas home prices could reach new peak ‘sometime later this year’

Sam Morris

May prices for existing homes sold in Southern Nevada are approaching record levels set in 2006.

Prices for existing homes sold in Southern Nevada are approaching record levels, according to a monthly report from the Greater Las Vegas Association of Realtors.

The average price for existing single-family homes sold in May was $295,000, an increase of 2.5 percent from April and 18 percent from May 2017.

In June 2006, the median price of existing homes topped out at $315,000, according to the group. It reports the average decreased to $118,000 in 2012 during the recession.

“At the rate we’re going, with prices going up by nearly $5,000 per month, it’s possible that local home prices could finally get back to their all-time peak sometime later this year,” said Chris Bishop, a longtime local Realtor and the group’s president, in a statement.

Bishop said most major housing markets have surpassed their peak prices. Southern Nevada will soon join the list, especially with a tight housing supply pushing the prices.

“With the local economy and job market continuing to post some of the biggest gains in the nation, I think it’s only a matter of time before we set an all-time record for local home prices,” Bishop said. “This has already occurred with new homes built here in Southern Nevada. For these reasons and more, we don’t buy into some recent reports suggesting that homes here are somehow overvalued.”

There are 4,118 single-family homes on the market without an offer, which is down 17.2 percent from last year, according to the group.

For condos and townhomes, there are 799 properties listed with an offer.

The median price of local condos and townhomes sold in May was $160,000, up 16 percent from the same time last year.

Real Estate