Las Vegas Sun

September 24, 2018

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Southern Nevada housing prices take rare monthly dip

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For sale sign for a home is a development near S. Buffalo Drive as housing is on the grow in the Las Vegas area on Thursday, Dec. 21, 2017.

The median home price in Southern Nevada was valued at a solid $290,000 in June, up 12.7 percent from last year's median price, according to a housing market report released this morning.

The Greater Las Vegas Association of Realtors reported June's median price was up 12.7 percent from the June 2017 median price of $257,373, but down 1.7 percent from May's median price of $295,000.

GVLAR President Chris Bishop said the slight decline was an anomaly in an otherwise upward trend in the market that began in 2012. Bishop said he expects housing prices to further rise during the summer.

"If this trend continues, by later this year we could hit the all-time median price that we hit in 2006," Bishop said.

The association said 4,335 single-family homes listed for sale ended the month without an offer. That’s down 16.2 percent on the number of such homes from one year ago. Increasing demand on single-family homes, often seen as a strong indicator of a housing market's performance, could increase the pressure on an already short supply of available housing, Bishop said. As of June, the area had just over a month's supply of existing homes available for sale. A six-month supply is widely considered a balanced market.

The median price for single-family homes sold in Southern Nevada peaked at $315,000 in June 2006, the association said. Prices bottomed at $118,000 in January 2012.

The 822 condos and townhomes that were listed without offers in June represented a 28.6 percent increase in supply from one year ago. But the median price of condos and townhomes sold in June was $170,500, up a whopping 33.2 percent from the same time last year.