Prices for existing homes sold in Southern Nevada kept rising through May and are now approaching their all-time peak, 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 during May through its Multiple Listing Service was $295,000. That’s up 2.1 percent from the previous month and up 18 percent from $250,000 in May of 2017.
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The median price of local condos and townhomes sold in May was $160,000, up 16 percent from the same time last year.
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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 early 2012.
A tight housing supply has been one factor pushing up prices. Southern Nevada continues to have about a month and a half supply of existing homes available for sale when a six-month supply is considered a balanced market.
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The low supply may also be slowing down local home sales, which have been running roughly even with last year’s sales pace so far this year after increasing in recent years. Compared to one year ago, May sales were down 10.7 percent for homes and down 3.8 percent for condos and townhomes.