63°F
weather icon Clear

Las Vegas home sales, prices both rose in March

Las Vegas home sales and prices climbed last month as the valley kicked off its spring buying season.

Buyers picked up 3,195 single-family homes in March, up 42.1 percent from February and 14.8 percent from March 2016, according to a new report from the Greater Las Vegas Association of Realtors. Single-family dwellings make up the bulk of the market.

The median sales price of such homes was $242,000 last month, up 0.8 percent from February and 10 percent year-over-year.

Meanwhile, inventory keeps sliding: 5,488 single-family homes were on the market but without offers at the end of March, down 1.4 percent from February and 23.9 percent from last March, according to the GLVAR.

The trade association reports data from its listing service, which largely comprises previously owned homes.

GLVAR President David J. Tina, co-owner of Urban Nest Realty, said in a statement that Las Vegas continues to see “strong demand for housing heading into what is traditionally our best time of year for home sales.”

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

Don't miss the big stories. Like us on Facebook.
THE LATEST
Price gap between new and resale homes nearing $100k in Las Vegas

The median sales price of a newly built single-family house in Southern Nevada was around $389,450 in July, compared with $295,000 for a previously owned one, a gap of almost $94,450, according to data from Las Vegas-based Home Builders Research.

Long-term mortgage rates fall to historic lows

The low borrowing rates have been a boon for homebuyers, even as global financial markets are roiled by concerns over the global economy.

The worst places to buy a home — and where to buy instead

Home buyers may be tempted to look to the biggest, best-known cities in the US, but they might want to consider more these more affordable cities where they can reap a substantial return on their investment.