With home prices rising at a much slower rate than last year, Las Vegas’ market is “coasting along.”
That’s according to the Greater Las Vegas Association of Realtors, which said in a new report that the median sales price of previously owned single-family homes – the bulk of the market – was $305,000 last month, up 0.7 percent from July and 3.4 percent from August of 2018.
Buyers picked up 3,168 single-family houses last month, up 0.3 percent from July and 3.1 percent from August 2018. Moreover, 7,766 houses were on the market without offers at the end of August, down 0.5 percent from July but up 33.5 percent year-over-year, the GLVAR reported.
The association reports data from its listing service, which largely comprises previously owned homes.
Over the past 15 years or so, Las Vegas home prices have been on a “roller coaster,” soaring through the mid-2000s bubble, plunging during the Great Recession and then “ramping back up” since 2012, GLVAR President Janet Carpenter, of Signature Real Estate Group, said in a statement. “If you look at it that way, I guess you can say we’re coasting along right now.”
Prices are still rising faster than the national average but not as fast as they were last year. In August 2018, the median sales price of a single-family house was up 13.5 percent from a year earlier, the GLVAR previously reported.
Builders also are selling fewer houses in Southern Nevada than they were in 2018, and the region’s once-depleted tally of available listings on the resale market has climbed back.
The pullback followed a stretch of fast-climbing property values, dwindling inventory and rising mortgage rates that, collectively, sparked affordability concerns.