Las Vegas house prices drop for first time in over two years as sales keep falling.
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Amid the typically busy spring buying season, around 3,000 previously owned single-family homes traded hands last month, down 8 percent from March.
“We keep expecting prices to slow down at some point, but it’s not happening yet,” LVR President Brandon Roberts said in a news release.
The deal’s acreage and dollar amount were on par with, if not higher than, recent full-year land sales totals in the community.
Summerlin and three other Southern Nevada master-planned communities ranked among the 25 top-selling areas in the nation for homebuilders.
Last year’s sales tally topped the previous all-time high by nearly 2,000 transactions, and the median price hit $425,000 in December, also setting a record.
Construction is underway on Wood Partners’ 228-unit project off Southern Highlands and St. Rose parkways, near the M Resort.
The median sales price of previously owned single-family homes was a record $406,500 in September, up 0.4 percent from August and 20.5 percent from September of last year.
Las Vegas housing prices shot past $400,000 on the resale market for the first time last month, raising concerns that many locals might get priced out as home values keep setting new all-time highs.
Las Vegas Boulevard is known for its towering hotel-casinos, though several miles south of the tourist corridor, closer to the M Resort, the street is lined with sprawling tracts of desert.