Sales price of existing Las Vegas home jumps 7.5 percent

The local housing market sailed through a traditionally choppy winter season, with prices and closings of existing homes rising in February.

The median price of a single-family resale jumped 7.5 percent year over year in the month, to $220,350, the Greater Las Vegas Association of Realtors reported early today.

The median cost of a condominium or townhome swelled even more, gaining 15.7 percent to end February at $121,500.

Sales strengthened too: Realtors closed on 2,676 homes through the association’s Multiple Listing Service. That was up 9.1 percent compared with 2,452 sales in February 2015.

Association President Scott Beaudry said the figures probably mean a fair forecast for the market in months to come.

“Considering that we just made it through what is traditionally our slowest time of the year in the local housing market, I’d have to say we’re in pretty good shape,” he said.

“Our home prices and home sales tend to warm up with the weather, so I think we’re well-positioned to have a solid spring and summer. Unless something dramatic happens, I expect our recent trends of steadily rising prices and sales to continue this year.”

Beaudry added that housing supply is still tight. At February’s sales pace, the market has a four-month inventory of existing homes on the market. A balanced housing climate would have a six-month stockpile.

Nor are there signs that a supply spike is looming: The number of available single-family properties without offers was flat, up 0.2 percent to 7,328 homes year over year.

Distressed sales also continued to ebb.

Just 6.6 percent of February closings were short sales, in which the lender allows the homeowner to sell for less than what is owed on the mortgage. That was down from 9.3 percent of closings in February 2015.

Another 8.6 percent of the month’s sales were bank-owned, compared with 9.7 percent a year ago.

Contact Jennifer Robison at jrobison@reviewjournal.com. Find @_JRobison on Twitter.