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GLVAR expresses skepticism about Realtor.com's report predicting falling home prices

Median home prices stay the same for November
Posted at 9:26 AM, Dec 06, 2019
and last updated 2019-12-08 02:16:26-05

Housing prices did not change from October to November, according to the latest report from the Greater Las Vegas Association of Realtors.

GLVAR says that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during November was $307,000. That’s the same median price as October, but up 4.1% from $295,000 in November of 2018.

Meanwhile, the median price of local condos and townhomes sold in November was $175,000. That was up 6.1% from $164,900 in November of 2018.

“If you look and graph it out we’re about where we should be, everyone just needs to take a breath and congratulate each other that we’re finally normal,” says Keith Lynam, President of Nevada Realtors.

“The American dream has long been owning a home.”

“The overall trends in our housing market have basically been the same all year,” said 2019 GLVAR President Janet Carpenter, a longtime local REALTOR®. “Home prices have been rising gradually compared to last year and the past several years. Sales have been running slightly behind last year’s pace. Homes are staying on the market a little longer. And our local housing supply is still very tight and only about half of what we’d like it to be.”

Carpenter says she expects to see more of the same in 2020 due to Southern Nevada's strong job, population and economic growth. She expressed skepticism about a report released this week by Realtor.com that predicted existing home prices in Southern Nevada could fall by about 1% in 2020.

Before slowing down this year, local home prices had been soaring since early 2012, posting double-digit gains from year to year while climbing back toward their all-time peak. According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006 before prices began falling during the recession. Local home prices hit a post-recession bottom of $118,000 in January of 2012.