Las Vegas house prices last month were well above year-ago levels, but inventory rose as the market shows some signs of easing up on the gas pedal.
The median sales price of previously owned single-family homes in August was $295,000, up 1.7 percent from July and 13.5 percent from August 2017, according to a new report from the Greater Las Vegas Association of Realtors.
Sales volume fell, though, with buyers picking up 3,073 single-family houses last month, down 3.5 percent from July and 6.4 percent from a year ago.
A total of 5,818 houses were on the market without offers at the end of August, up 21.5 percent from July and 12.8 percent year-over-year.
Also, 71.8 percent of houses that traded hands last month had been on the market for 30 days or less, compared with 74.8 percent in July and 68 percent in August 2017, the GLVAR reported.
The trade group reports data from its listing service, which largely comprises previously owned homes. Single-family houses make up the bulk of the market.
Last month’s median sales price was the same as May’s, according to the GLVAR. Overall, the market “has been cooling off a bit this summer,” GLVAR President Chris Bishop, a branch manager with Coldwell Banker Premier Realty, said in a statement.
“I wouldn’t say we’ve shifted from a seller’s market to one favoring buyers, but we’re starting to see the scales tilt more in that direction,” he said.