Stable home prices and fewer homes changing hands in the Las Vegas Valley caused housing values to plateau last month, according to the valley’s leading real estate association.
The Greater Las Vegas Association of Realtors reported the median price of single-family homes rose slightly to $295,250 in December, up from $295,000 in November. The median price of local condos and townhomes sold in December dipped slightly, from $164,900 in November to $163,500 in December.
Increasing at a rate of about $5,000 per month from December 2017 to May 2018, median housing rates have essentially flattened since then, said GLVAR President Janet Carpenter. For the time being, the record-high median price of $315,000 reached in June 2006 does not seem to be in jeopardy, Carpenter said.
“Some of this slowdown is normal for this time of year,” Carpenter said.
Southern Nevada has a three-month supply of existing homes available for sale — a six-month supply is considered a balanced market. In November, just about the same supply of existing homes were available.
GLVAR reported 6,615 single-family homes listed for sale at the end of December without any sort of offer. That’s up 72.9 percent from 12 months ago. The 1,528 condos and townhomes listed without offers in December was up over 130 percent from the same time last year.