The median price of existing single-family homes sold during September through its Multiple Listing Service (MLS) was $265,000, up 13.5 percent from September 2016. The median price of local condos and townhomes sold in September was $140,000, up 21.7 percent from the same time last year.
GLVAR President David J. Tina, said home prices have been appreciating at a fairly steady rate of about 10 percent per year for the past few years.
“Heading into the fall, home prices are continuing to be up monthly by double digits,” Tina said. “We see several reasons for this. There’s a strong demand for housing here in Southern Nevada. Our economy and job market have been improving. Mortgage rates are relatively low. And our housing supply continues to be as tight as it has been in recent memory. All these things drive up home prices.”
As for headwinds in the housing market, Tina said the growing demand and shrinking supply of homes available for sale continues to present challenges for buyers, especially those seeking entry-level homes and condos.
At the current sales pace, he said Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.
Other Las Vegas market highlights include:
- The total value of local real estate transactions tracked through the MLS during September was nearly $901 million for homes and nearly $103 million for condos, high-rise condos and townhomes. Compared to one year ago, total sales volumes in September were up 15.2 percent for homes and up 34.4 percent for condos and townhomes.
- Homes and condos continued to sell faster than last year at this time. In September, 82.9 percent of all existing local homes and 87.6 percent of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 76.1 percent of all existing local homes and 77.3 percent of all existing local condos and townhomes sold within 60 days.