Las Vegas home prices reach new high in October

In October, Las Vegas homebuilders notched another all-time high for prices amid an “utter lack” of lower-priced options, says a new report.

Builders closed 746 new-home sales in Clark County in October, putting the year’s sum at 7,392. That’s up 14.3 percent from the same 10-month period last year, according to Home Builders Research.

The median sales price of October’s closings was a record $356,400, up 6 percent from a year earlier.

Overall, the median sales price for five of the last six months has been above the boom-era’s peak, reached in August 2007, Home Builders Research reported.

Many builders have “expanded their product offerings” to reach lower price ranges, but demand for homes under $250,000 “is great, and the supply is tighter than ever,” Home Builders Research founder Dennis Smith and Vice President Andrew Smith wrote.

Their numbers show an “utter lack of lower priced new homes,” they wrote.

The median base price in November was $376,970, compared to $331,220 a year earlier and $317,970 in November 2015, the Smiths reported.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.