Local News


Housing supply tight around Las Vegas

Posted at 8:57 PM, Apr 06, 2016
and last updated 2016-04-06 23:57:33-04

Las Vegas home prices are rising but there's still a shortage of houses for sale in the valley.

Southern Nevada now has less than a 3-month supply of home available for sale. The Greater Las Vegas Association of Realtors said a 6-month supply is considered a balanced market.

Right now, the average price of a single-family home is about $220,000. That was up 7.3 percent from $205,000 one year ago.

Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in March was $118,000. That was up 2.6 percent from $115,000 one year ago.

Local real estate agents said the tight inventory might be keeping prices up and making it harder for buyers to find the right home.