Report: Home prices in Las Vegas valley increase 16 percent from one year ago

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Local home prices kept climbing through April as the local housing supply continued to get smaller, according to a report released today by the Greater Las Vegas Association of REALTORS.

GLVAR reported that the median price for existing single-family homes sold in Southern Nevada during April through its Multiple Listing Service was $289,000. That’s up 3.2 percent from the previous month and up 16.1 percent from April of 2017.

The median price of local condos and townhomes sold in April was $155,000, up 19.2 percent from the same time last year.

One factor pushing up prices is the increasingly tight housing supply. Southern Nevada has about a month and a half supply of existing homes available for sale when a six-month supply is considered a balanced market.

By the end of April, GLVAR reported 3,816 single-family homes listed for sale without any sort of offer. That’s down 24.9 percent from one year ago. For condos and townhomes, the 790 properties listed without offers in April represented a 23.6 percent increase from one year ago.

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The low supply may also be slowing down local home sales, which have been running roughly even with last year’s sales pace so far this year after increasing in recent years. The total number of existing local homes, condos and townhomes sold during April was 3,571. Compared to one year ago, April sales were up 0.4 percent for homes and up 4.5 percent for condos and townhomes.

GLVAR reported that 27.3 percent of all local properties sold in April were purchased with cash. That compares to 27.5 percent one year ago. That’s well below the February 2013 peak of 59.5 percent.

Meanwhile, the number of so-called distressed sales continues to decline. GLVAR reported that short sales and foreclosures combined accounted for 2.5 percent of all existing local home sales in April, down from 8.4 percent of all sales one year ago.

Copyright 2018 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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