Southern Nevada home prices leveled off heading into the holidays, with more homes on the market and fewer properties changing hands.
According to the report released Thursday by the Greater Las Vegas Association of REALTORS, the median price for existing single-family homes sold in Southern Nevada through its Multiple Listing Service during November was $295,000, just short of October’s median price of $295,025, but still up 13 percent from $261,150 in November of 2017.
The median price of local condos and townhomes sold in November was $164,900. That’s down 5.2 percent from October, but up 16.5 percent from the same time last year.
Local home prices have generally been rising since 2012, though they still have not reached 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. Local home prices hit a post-recession bottom of $118,000 in January of 2012.
As for the number of local homes available for sale, it’s still below what would be considered a balanced market but continued its recent rise to what is now a three-month housing supply. By the end of November, GLVAR reported 7,003 single-family homes listed for sale without any sort of offer. That’s up 54.3 percent from one year ago. For condos and townhomes, the 1,605 properties listed without offers in November represented a 118.4 percent jump from one year ago.
The total number of existing local homes, condos and townhomes sold during November was 2,857. Compared to one year ago, November sales were down 11.6 percent for homes and down 7.1 percent for condos and townhomes.