Southern Nevada home prices continue to rise in September

The Greater Las Vegas Association of Realtors said the median price of existing single-family homes sold during September was $265,000, up 13.5 percent from September 2016.

Home prices continued to rise while the number of home sales stabilized in September, according to statistics provided by the Greater Las Vegas Association of Realtors on Friday.

The median price of existing single-family homes sold during September through its multiple listing service was $265,000, up 13.5 percent from September 2016.

The median price of local condos and townhomes sold in September was $140,000, up 21.7 percent from the same time last year.

“Heading into the fall, home prices are continuing to be up monthly by double digits,” said GLVAR President David J. Tina, a longtime local Realtor. “There’s a strong demand for housing here. Our economy and job market have been improving. Mortgage rates are relatively low. And our housing supply continues to be as tight as it has been in recent memory.”

The growing demand and shrinking supply of homes available for sale continues to present challenges for buyers, especially those seeking entry-level homes and condos, he said.

Tina said that 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.

GLVAR reported 4,969 single-family homes listed for sale without any sort of offer. That’s down 33.1 percent from one year ago. For condos and townhomes, the 680 properties listed without offers in September represented a 41.4 percent drop from one year ago.

The total number of existing local homes, condos and townhomes sold during September was 3,571, up from 3,541 in September 2016. Compared to one year ago, sales were down 0.4 percent for homes, but up 7.0 percent for condos and townhomes.