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Las Vegas housing market most stable in 20 years, says GLVAR president

Updated August 7, 2019 - 6:04 am

Las Vegas’ housing market had a bump in sales last month compared to June, but things have still largely downshifted from a year ago.

Buyers picked up 3,159 previously owned single-family houses in July, up 8.8 percent from June but down slightly — 0.8 percent — from July of 2018, according to a new report from the Greater Las Vegas Association of Realtors.

The median sales price of those purchases was $303,000 last month, down 0.3 percent from June but up 4.5 percent from July 2018.

Meanwhile, 7,808 houses were on the market without offers at the end of July, down just 0.1 percent from June but up 63.1 percent year-over-year, according to the GLVAR.

The trade group reports data from its listing service, which largely comprises previously owned homes. Single-family house sales make up the bulk of Las Vegas’ market.

“We’re running out of synonyms for stable,” GLVAR President Janet Carpenter, of Signature Real Estate Group, said in a statement. “Local home prices are appreciating, but at a more gradual rate than they have been in many years. As we’ve been saying for months, the local housing market hasn’t been this stable in nearly 20 years.”

Las Vegas home prices have been rising at the fastest rate in the nation. But compared to 2018, price growth has slowed considerably, buyers are picking up fewer houses and the tally of available listings has climbed.

The pullback followed a stretch of fast-climbing property values, dwindling inventory and rising mortgage rates that, collectively, sparked affordability concerns in a market that likes to tout its relatively cheap prices, especially compared to neighboring California.

Award Realty agent Shari Sanderson said she and associate Michelle Manley, also of Award Realty, have closed more than $58 million in transactions this year representing buyers and sellers. The market is still “incredibly busy,” Sanderson said, noting their deals included developer Jim Rhodes’ recent sale of his Las Vegas megamansion for $16 million to a mystery buyer.

Sanderson said they were the buyer’s agents but she cannot disclose the new owner’s identity.

Still, amid higher prices around Las Vegas and an increased tally of listings, which is giving house hunters more options, she said buyers overall are not snatching up properties as fast as they used to and are “a little more discerning.”

“They’re taking their time,” Sanderson said.

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

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