Median Las Vegas Home Prices Up 6.8%
According to the Greater Las Vegas Association of Realtors median resale home prices are up 6.8 per cent in June from one year ago. Home price median average in Las Vegas are at $235,000, up from $220,000 a year ago.
“It’s shaping up to be a strong summer for our local housing market, and I think most of our members are optimistic that we can continue this momentum in the coming months,” said 2016 GLVAR President Scott Beaudry, a longtime local REALTOR®. “As we’ve been saying all year, we’re still concerned about our limited housing supply, which is about half of what we’d like it to be. But overall, the housing market seems to be moving in a positive direction and avoiding the volatility we experienced in past years.”
Beaudry said local home sales for the first half of 2016 have been outpacing 2015, when GLVAR reported 38,578 single-family home, condominium, townhome and high-rise condo sales. That was more than in 2014, but fewer sales than during each of the previous five years.
At the current sales pace, Beaudry said Southern Nevada has been dealing with less than a three-month supply of homes available for sale, when a six-month supply is considered to be a balanced market.