The median price of existing single-family homes in Southern Nevada in October was $263,000, down slightly from September, but still up 13.4 percent from October 2016, according to statistics released this week by the Greater Las Vegas Association of Realtors.
The median price of condos and townhomes sold in October was $140,000, the same as September, but up 19.7 percent from the same month last year, GLVAR reported.
Home prices have been appreciating steadily at about 10 percent annually for the past few years. Although that pace may be cooling heading into the fall, GLVAR President David J. Tina said he still has a positive outlook for the local housing market.
“Our housing market is in good shape, largely because our local economy continues to grow,” said Tina, a longtime Realtor. “Our population and economy are growing as fast as almost any place in the country. And Southern Nevada has been leading the nation in job growth. All these things point to more demand for housing, with more home sales and more appreciation expected for the foreseeable future.”
Demand continues to exceed the shrinking supply of homes for sale, Tina said. At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.
Other statistics from GLVAR:
• 4,795 single-family homes were listed for sale at the end of the month without any sort of offer, down 32.3 percent from one year ago.
• 3,633 existing local homes, condos and townhomes were sold in October, up from 3,225 in October 2016.
• Home sales so far in 2017 continue to run about 10 percent ahead of the pace from 2016, when 41,720 total properties were sold in Southern Nevada.