Las Vegas home prices move slightly lower in latest month

Las Vegas home prices inched lower last month from July but remained well above last year’s levels, and sales totals ramped up, a report being released Thursday shows.

The median sales price of previously owned single-family homes in Southern Nevada in August was $235,000. That’s down 0.4 percent from July but up 6.8 percent from August 2015, according to the Greater Las Vegas Association of Realtors.

Buyers picked up 3,102 single-family homes last month, up 9.3 percent from July and 8.7 percent from a year ago.

Meanwhile, owners sold 687 condos and townhouses, up 12.6 percent from July and 14.7 percent from a year ago.

The median sales price of those homes was $115,000, unchanged from July but up 4.5 percent from August 2015, the GLVAR reported.

The industry group reports data from its listing service, which largely comprises previously owned homes.

GLVAR President Scott Beaudry, owner of Universal Realty, said in a statement that it was good to see higher sales totals “even with this persistently tight inventory we’ve been dealing with this year.”

There were 13,222 single-family homes listed for sale at the end of August, unchanged from July but down 2.8 percent from August 2015.

There also were 2,366 condos and townhouses on the market at the end of August, down 1.5 percent from July and 31.6 percent from a year ago, according to the GLVAR.

Contact Review-Journal writer Eli Segall at 702-383-0342. On Twitter at @eli_segall