GLVAR reports price dropResale Homes Report

Statistics released this month by the Greater Las Vegas Association of Realtors show that local home prices during the past month decreased for single-family homes sold in September.

Meanwhile, GLVAR statistics show the total number of homes on the market beginning to level off, with a slight decrease in the number of single-family homes, and condominiums and townhomes listed for sale in Southern Nevada.

This month's GLVAR statistics include activity through the end of September. The association distributes statistics each month based on data collected through its Multiple Listing Service.

The median sales price of a single-family home sold in the Las Vegas area decreased 4.7 percent from $299,900 in August to $285,750 in September. That's down 7.8 percent from last September.

For condos and townhomes, the median sales price in September increased 0.7 percent from $190,000 in August to $209,000 in September. That's down 3.2 percent from last September.

The number of local homes listed for sale through September decreased 0.5 percent for single-family homes, with 24,218 homes listed for sale, compared to 24,341 homes listed for sale in August. That's up 16.3 percent from September 2006.

The number of condos and townhomes listed for sale actually declined for the second month in a row by 0.8 percent from 6,221 in August to 6,169 in September. That's an increase of 20.1 percent from the number of condos and townhomes listed in September 2006.

The total number of local single-family homes sold in September was 990. That's down 24.8 percent from the 1,316 homes sold in August. On an annual basis, the number of homes sold declined 43.1 percent from September 2006. For condos and townhomes, 213 homes were sold in September, down 25.3 percent from 285 sales in August.