LAS VEGAS (KTNV) — A new report by Las Vegas Realtors shows home prices in Las Vegas dropped for a second straight month.
As home prices fall, the report shows there are fewer homes selling. President of Las Vegas Realtors says he hasn’t seen home prices slow down like this in years.
According to the report, the median price for a single-family home in Southern Nevada dropped to $465,000. That’s down 3.1% from June. Still, the median home price is 14.8% up from one year ago.
By the end of July, there were 7,331 homes listed without offers. That’s up more than 143% from the same time last year. 1,618 condos and townhomes listed without offers in July represent a 144% jump from the year before.
The shift in the housing market is encouraging news for buyers but forces many sellers to bring their listing price down.
“It’s showing that there’s much more selection, buyers are not having to settle for a home like they were in the past because they were competing with multiple buyers and taking what they could get,” said Roberts.
During July, Las Vegas Realtors found more than 30% of all local property sales were purchased from cash, which is also a substantial increase from last year.
Short sales and foreclosures combined made up for 0.2% of local property sales in July, which remains near historically low levels.
