Home sales increasing, prices leveling off in Las Vegas
Las Vegas, NV (KTNV) -- According to the Greater Las Vegas Association of Realtors, existing home sales are still increasing and home prices are beginning to level off in the Las Vegas area.
GLVAR President Kolleen Kelley says it was only a matter of time before the eight-month run of rising local home prices came to an end.
Kelley also said that local home prices typically drop along with the temperature. Kelley also said that stable home prices leading into the holidays is a good indication that the local hosing market is continuing to rebound.
The total number of local homes, condominiums and townhomes sold in October was 3,651. That is up from 3,298 in September, but down from 3,881 total sales in Oct. 21.
Single-family homes sales during October increased by 11.9 percent, while sales of condos and townhomes increased by 5.7 percent. Compared to one year ago, home sales were down 4.3 percent, while condo and townhome sales were down 12.5 percent.
The median price for a single-family home in October was $144,000, which is the same that it was in September.