Real estate report: Market for existing homes in Las Vegas is ‘cooling off’

A house is shown for sale Tuesday, Feb. 9, 2016, in Las Vegas.

The Las Vegas housing market is “cooling off,” says Chris Bishop, president of the Greater Las Vegas Association of Realtors.

The group reported today that the average price for existing single-family homes sold in Southern Nevada in August was $295,000, an increase of 1.7 percent from July and 13.5 percent from last August. The price matches the May average.

There were 5,818 existing homes on the market without an offer, according to the association.

“I wouldn’t say we’ve shifted from a seller’s market to one favoring buyers, but we’re starting to see the scales tilt more in that direction,” Bishop said in a statement. “Home prices and sales are starting to soften around the country.”

Bishop said most experts are forecasting “slower appreciation and more inventory heading into 2019.”

For condos and townhouses, the average transaction price in August was $169,950, which marks an increase of 2.4 percent from July and 23.8 percent from August 2017, according to the group. The group’s figures are from its Multiple Listing Service and don’t account for properties sold without an agent or new construction.

The all-time average price peak for single-family homes sold in the valley was $315,00 in June of 2006; average prices hit a recession low of $118,000 in January 2012.

“It may be some time before our local home prices surpass their all-time peak, like they have in most markets around the country,” Bishop said in the statement.

Real Estate