Homes for sale in Las Vegas are increasingly being ignored amid fast-rising prices and affordability concerns.
A total of 7,003 single-family houses were listed without offers at the end of November, up 1.2 percent from October and 54.3 percent from November 2017, according to a new report from the Greater Las Vegas Association of Realtors.
Buyers picked up 2,292 houses last month, down 14.7 percent from October and 11.6 percent from a year ago. They paid a median of $295,000, nearly the same as in October but up 13 percent year-over-year, according to GLVAR figures.
The trade group reports data from its listing service, which largely comprises previously owned homes. Single-family houses comprise the bulk of the market.
GLVAR President Chris Bishop, a branch manager with Coldwell Banker Premier Realty, said in a statement that the housing market “has been softening nationwide,” and even though Las Vegas’ prices have been climbing at the fastest rate nationally, they have been “fairly flat” the past few months.
“I wouldn’t be surprised to see that trend continue as we head into the holidays and what is traditionally the slowest time of year for home sales,” Bishop said.
Las Vegas prices climbed more than twice as fast as the national rate in September, according to the latest S&P CoreLogic Case-Shiller index. Southern Nevada’s year-over-year price growth was fastest among the 20 markets listed in the report for the fourth straight month, and before it led the pack, it was second to Seattle for 10 consecutive months.
According to an October report from housing tracker Attom Data Solutions, Las Vegas’ market has been less affordable than the national average for the past year.