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Southern Nevada home prices return to May high

Posted: 5:21 PM, Sep 06, 2018
Updated: 2018-09-06 20:21:05-04
Southern Nevada home prices return to May high

After climbing steadily since 2012, local home prices have been hovering this summer, according to a report released Thursday by the Greater Las Vegas Association of REALTORS.

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GLVAR reported that the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service during August was $295,000, matching the median price in May. That’s up 1.7 percent from July and up 13.5 percent from $260,000 in August of 2017. The median price of local condos and townhomes sold in August was $169,950. That’s up 2.4 percent from July and up 23.8 percent from the same time last year.

According to GLVAR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006. Prices hit a post-recession bottom of $118,000 in January of 2012.

Meanwhile, the housing supply increased in August. However, Southern Nevada still has less than a two-month supply of existing homes available for sale when a six-month supply would be a balanced market.