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.
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.