Median single-family home price in Las Vegas continues to rise

Statistics being released today by the Greater Las Vegas Association of Realtors show existing home prices continuing to rise as the supply of houses available for sale also increased. 

The median price of an existing single-family house sold in Southern Nevada during June was $175,000, up 2.9 percent from $170,000 in May and up 32.8 percent from $131,785 one year ago.

In a statement, Realtors Board President Dave Tina said the median existing local home price “is still a long way from our peak” of $315,000 in June 2006.

The median price of local condominiums and townhomes sold in June was $86,000, down 3.4 percent from $89,000 in May but up 24.6 percent from $69,000 one year ago.

In June, 31 percent of all existing local home sales were short sales, down from 31.8 percent in May. An additional 9 percent of all June sales were bank-owned properties, down from 10.3 percent of all sales in May. The remaining 60 percent of all sales were the traditional type, which was up from 57.9 percent in May.

The total number of properties listed for sale on GLVAR’s Multiple Listing Service generally decreased in June, with 13,750 single-family houses listed for sale at the end of the month.

That’s down 0.5 percent from 13,814 single-family houses listed for sale at the end of May and down 18.8 percent from last year.

The Realtors group reported a total of 3,448 condos and townhomes listed for sale on its MLS in June, up 1.8 percent from 3,386 listed in May but down 7.1 percent from one year ago.

The group reported more available houses listed for sale without any sort of pending or contingent offer. By the end of June, it reported 3,828 single-family houses listed without any offer. That’s up 16.1 percent from 3,297 such houses listed in May and up 3.7 percent from one year ago.

For condos and townhomes, the 1,464 properties listed without offers in June represented a 14.6 percent increase from 1,277 such properties in May and a 35.2 percent increase from one year ago.

The group reported that in June, 55.3 percent of all existing local houses sold were purchased with cash. That’s down from 57.9 percent in May and down from the peak of 59.5 percent set in February. 

It reported that the median price of bank-owned single-family houses sold in June was $163,750, up from $154,900 in May.

The median price of single-family houses sold as part of a short sale in June was $145,600, up from $140,100 in May.

GLVAR statistics include activity through the end of June.

The Realtors group distributes the statistics each month based on data collected through its MLS, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners.

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