Median home prices stay steady in Las Vegas Valley
With median prices unchanged for the last three months, the Las Vegas Valley's resale housing market is the picture of stability, a local real estate group said Monday.
The median sale price of an existing single-family home was $220,000 in October — the same as in September and August, according to the Greater Las Vegas Association of Realtors.
The annual gain was more impressive, however, with the median up 10.1 percent compared with $199,900 in October 2014.
The condominium and townhouse market varied more, with a $105,000 median that was down 11.8 percent from September but up 6.1 percent year over year.
Sales of existing homes also stayed in their same range of the last few months, at around 3,000 sales. The 3,020 closings in October were up 5.6 percent from 2,861 sales in the same month a year ago.
But inventories declined, creating a tighter market. The association's Multiple Listing Service showed 13,524 single-family homes on the market in October, down 6.3 percent from a year earlier. The 3,385 condos and townhomes available were down 7.3 percent year to year. At the current monthly sales pace, that's about 5.5 months of supply, slightly below the six-month average of a normal, balanced market.
Distress sales also continued to fall. Short sales, in which a bank allows the homeowner to sell for less than what's owed on the mortgage, made up 6.7 percent of sales, down from 10.6 percent in October 2014. Bank-owned sales were 7.5 percent of closings, compared with 8.9 percent a year ago.
Contact Jennifer Robison at jrobison@reviewjournal.com. Find @_JRobison on Twitter.
