Las Vegas house prices drop for first time in over two years as sales keep falling.
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“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.
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.
The median sales price of previously owned single-family homes was $375,000 in April, up 21 percent from a year earlier.
Las Vegas home prices set a record high yet again last month, and sales totals grew as the valley’s housing frenzy showed no signs of cooling.
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