Shrinking housing supply is ‘catching up to’ Las Vegas

This 2016 photo shows a Las Vegas home for sale.

Home sales in the Las Vegas area slowed in February because of the shrinking supply of properties, according to an industry report.

The Greater Las Vegas Association of Realtors reports home sales were down 5.4 percent from last February but up 1.8 percent for condos and townhomes. Sales of existing properties fell to 2,704 in February.

Chris Bishop, a longtime local Realtor and the association president, said in a statement that Southern Nevada has a two-month supply of existing homes available for sale. A six-month supply is considered a balanced market.

“Our shrinking housing supply may finally be catching up to us and slowing down our home sales,” Bishop said. “Sales have continued to go up over the last few years, even as our inventory has been going down. But with fewer homes on the market each month, it seems like it was only a matter of time before it started to affect sales.”

The median price for existing single-family homes sold last month was $275,000, which is up 14.6 percent from February 2017 and a 3.8 percent increase from January.

At the end of February, the association lists 3,653 single-family homes without an offer — down 34.3 percent from last year. There are 678 condos and townhomes on the market, which is a 10.4 percent drop from 2017.

The association distributes figures using the Multiple Listing Service and may not account for newly constructed homes sold by local builders or homes for sale by owners.

Real Estate