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Median Las Vegas home prices continuing to drop

Posted: 9:07 AM, Nov 06, 2019
Updated: 2019-11-06 12:07:34-05

LAS VEGAS (KTNV) — The Greater Las Vegas Association of Realtors have released the October Housing Report.

The median price for a home in Las Vegas is now $307,000. That is a 1% drop from September, but still 4% higher than the same time last year.

The median price for local condos and townhomes sold in October was $171,250 (down 1.6% from last year).

Before slowing down this year, local home prices had been soaring since early 2012, almost reaching 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. They hit a low of $118,000 in January 2012.

In addition to prices dropping, fewer homes have been sold this year compared to previous years. For all of 2018, GLVA reported a total of 42,876 local property sales. That was down from 45,388 in all of 2017.

GLVAR says that even though the local housing supply has increased over the past year, it's still well below the 6-month supply that is considered a more balanced market. At the current sales pace, she said Southern Nevada has less than a three-month supply of homes available for sale.

GLVAR also reports that 21.7% of all local properties sold in October were purchased with cash. That’s down from 25.6% one year ago. That’s also well below the February 2013 peak of 59.5%, indicating that cash buyers and investors are still active in the local housing market, but are playing a much smaller role than they were during and just after the recession.

Along the same lines, the number of so-called distressed sales remains near historically low levels. GLVAR reported that short sales and foreclosures combined accounted for just 2.4% of all existing local property sales in October. That compares to 3.0% of all sales one year ago and 5.2% two years ago.