Despite a shrinking inventory of houses, 2017 may have the most home sales in years in Las Vegas, a new report says.
Buyers grabbed 3,142 single-family homes in Southern Nevada last month, down 12.3 percent from June but up 10.8 percent from July 2016, according to the Greater Las Vegas Association of Realtors.
The median sales price of such homes was $260,000 last month, up 1 percent from June and 10.2 percent from last July.
Meanwhile, 4,995 single-family homes were listed without offers at the end of July, down 3.5 percent from June and 31.9 percent from July 2016, according to the association.
The GLVAR reports data from its listing service, which largely comprises previously owned homes. Single-family dwellings dominate the market.
The tally of available houses has been sliding almost nonstop since last year amid increased demand, a still-large tally of underwater borrowers who can’t easily sell, and a sizable number of rental homes that were purchased after the market crashed and aren’t listed for sale.
Despite the drop, 2017 is on pace to be the best year for local home sales since at least 2012, GLVAR President David J. Tina, co-owner of Urban Nest Realty, said in a statement.
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