Las Vegas home prices level off as inventory levels rise

Mortgage

The average sales price for existing single-family homes for the Las Vegas area in October was down 1.7% from last month to $295,025, according to a report from the Greater Las Vegas Association of Realtors.

Still, the transaction price was up 12.2% from $263,000 in October 2017.

“Local housing prices are still appreciating at a healthy rate year over year, even though they’re not going up as fast as they were a few years ago,” said Chris Bishop, the association’s president. “Although we sold more homes in October than we did in September, we’re on pace to sell fewer homes this year than we did last year. At the same time, potential buyers should be encouraged to see more homes on the market.”

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For area condos and townhomes, the median October transaction price was $174,000, or an increase of 24.3% from last year. Prices comes from the association’s listing service.

There were 6,919 single-family homes listed for sale without an offer at the end of October, an increase of 44.3% from one year ago. There are 1,562 condos/townhomes listed without an offer.

Bishop said, “We’re almost up to a three-month housing supply, which means we’re getting closer to a more balanced market.”

Other notes from the monthly report:

— Foreclosures and short sales accounted for just 3% of existing home sales in October, which is down from 5.2% one year ago.

— The report indicates that 25.6% of all properties sold last month went to cash buyers. In February 2013, cash buyers accounted for 59.5% of the transactions, meaning investors are playing a smaller role in the market, according to the report.

— The total value of Las Vegas-area single-family home transactions was more than $943 million in October. It was nearly $118 million for condos/townhomes.

— October saw 85.8% of existing local homes and 87.2% of condos/townhomes sold within 60 days.


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