weather icon Clear

Las Vegas’ housing market ended 2018 with a drop in sales

Las Vegas’ housing market ended 2018 with a big drop in sales from a year earlier and a sharp rise in availability.

A total of 2,142 single-family houses traded hands in December, down 6.5 percent from November and 18.2 percent from December 2017, according to a new report from the Greater Las Vegas Association of Realtors.

Also, 6,615 houses were listed without offers at year’s end, down 5.5 percent from November but up 72.9 percent from the end of 2017.

The median sales price of single-family homes last month was $295,250, virtually unchanged from November but up 10.2 percent from a year ago, the GLVAR said.

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.

Amid a stronger economy and a growing population, Las Vegas home prices have climbed fastest among major U.S. markets for five consecutive months, according to the S&P CoreLogic Case-Shiller index, whose latest report covered October.

But buyers have pulled back as mortgage rates rise, boosting monthly payments, and as prices keep soaring.

The GLVAR’s 2019 president, Janet Carpenter of Signature Real Estate Group, said in a statement that the market “has been slowing down over the past few months” and prices “haven’t changed much” since fall.

“Some of this slowdown is normal for this time of year,” Carpenter said. “Only time will tell how much of this cooling trend is seasonal.”

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.
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.