Las Vegas homebuyers picked up more properties and paid higher prices last month compared to a year ago amid a shrinking supply of options.
The median sales price of previously owned single-family homes in Southern Nevada – the bulk of the market – was $240,000 last month, up 0.8 percent from January and 8.9 percent from February 2016, according to a new report from the Greater Las Vegas Association of Realtors.
A total of 2,249 single-family homes were sold last month, up 4.9 percent from January and 6.5 percent from last February.
Meanwhile, 10,725 such homes were listed for sale by the end of February, up 1.6 percent from January but down 17.5 percent year-over-year, according to the GLVAR.
The trade group reports data from its listing service, which largely comprises previously owned homes.
The year-over-year rise in prices was ahead of 2016’s growth of 8.1 percent for all resales, not just single-family dwellings, according to Applied Analysis’ residential research arm, SalesTraq.
The fastest growth rates tended to be in older, more centrally located areas of the valley, SalesTraq found, but the highest prices overall were in the outer suburbs, mostly in and around such master-planned communities as Summerlin and Anthem.
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Follow @eli_segall on Twitter.