Las Vegas home prices reach 2006 level, hits $300K average

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The average sale price of single-family homes in Southern Nevada was an even $300,000 in September, which marks the highest transaction amount since June 2006 when it peaked at $315,000, according to the Greater Las Vegas Association of Realtors.

The September mark was an increase of 1.7% from the previous month and up 13.2% from $265,000 in September 2017. For townhouses and condos, the average sale price in September was up 21.4% from last year to $170,000.

Las Vegas housing market

An aerial view of homes in the Summerlin area of Las Vegas.

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“The good news is our median sales price is up,” said Chris Bishop, the association’s president, in a statement. “At the same time, sales are down compared to last year. The homes that have sold are selling for a higher price.”

Bishop said there is more than a two-month supply of homes for sale, which hasn’t occurred in years. Still, it’s shy of the six-month reserve that would indicate a balanced market. There were 6,148 single-family homes listed for sale without an offer at the end of the month, which is up 23.7% from September 2017.

“While our housing supply is still not where we’d like it to be, it has been increasing lately and went up again in September,” Bishop said. “That’s good news for people looking to buy a home here.”

Tribune Content Agency



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