Las Vegas home prices called ‘surprisingly stable’ after June bump

A for-sale sign is seen for a home near South Buffalo Drive, Thursday, Dec. 21, 2017.

Local home prices are trending up.

The median price for a home sold in Southern Nevada in June was $304,000, up just slightly from May, according to a report released today by the Greater Las Vegas Association of Realtors.

The figure, which is up nearly 5% from June 2018, represents a change from the previous three months of this year, which had prices stationed right at the $300,000 mark.

While the June numbers show an increase in median price, the report paints the picture of a mostly calm housing market, said GLVAR President Janet Carpenter.

“It’s normal for home prices and sales to increase this time of year, though prices only went up slightly and we actually sold fewer homes this June than last,” Carpenter said. “I think the takeaway from this month’s report is that the market is surprisingly stable. This is probably as stable as the local housing has been in nearly two decades.”

Home prices in the area had been rising steadily since early 2012 before slowing in recent months. The median sale price reached $300,000 for the first time in September and has hovered around that figure since then.

For condos and townhomes in the area, the median sale price in June was just under $178,000, which represented a 6.5% increase from June 2018.

The association reports that just over 20% of all properties sold in the greater Las Vegas area sold in June were purchased with cash, a number that was close to 3% from June 2018.

Homes are, however, selling at a slower pace.

Last month, nearly 79% of homes that changed hands sold within 60 days of being place on the market. In June 2018, just over 89% of homes sold went off the market within 60 days of being listed.

Southern Nevada currently has less than a three-month supply of homes on the market. Anything under a five-month supply is generally considered a seller’s market.

Founded in 1947, the GLVAR serves more than 14,000 Southern Nevada agents.

Real Estate