The median sales price for an existing single-family home in the Las Vegas area in November was $295,000, according to a report from the Greater Las Vegas Association of Realtors.
The transaction amount is almost identical to October’s mark of $295,025 and up 13% from $261,150 in November 2017, according to the report.
The group expects prices to continue leveling off in December because the holidays are traditionally a slow time for home sales.
“The housing market has been softening nationwide,” GLVAR President Chris Bishop said in a statement. “Even though our local home prices have been appreciating at the fastest rate in the country through much of this year, prices have been fairly flat for the past few months. I wouldn’t be surprised to see that trend continue as we head into the holidays.”
The median sales price of townhomes and condos in November was $164,900, up 16.5% from November 2017 but down 5.2% from last month, the report said.
The group reported 7,003 single-family homes listed for sale without an offer at the end of November, up 54.3% from the same time last year. There were 1,605 townhomes and condos without an offer at the end of the month, a 118.4% increase from last November.
Also, the group said 26.1% of all properties purchased in November were with cash. Short sale and foreclosure transactions were down 2.6% from last year and 10.5% from two years ago.
Tribune Content Agency