Vegas home prices dip in November, break 2-year streak - FOX5 Vegas - KVVU

Vegas home prices dip in November, break 2-year streak

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LAS VEGAS (FOX5) -

After 19 months of gains, housing prices in Las Vegas dipped by about 1 percent in November, an area association of realtors reported Tuesday.

According to the Greater Las Vegas Association of Realtors, the median price of a single-family home was $183,000, which dipped from October's $185,000 price.

Despite the drop-off, November's price was still more than 25 percent higher than the median price reported in the same month last year.

The month-to-month drop broke a streak of gains that began in January 2012.

"I'm not surprised to see prices go down a bit this month," said GLVAR president Dave Tina. "We may see prices soften a bit more through the winter before hopefully bouncing back in the spring. We've been saying for months that it's very hard to sustain the kind of price increases we've been seeing since 2012."

In addition, the realtors' association reported a drop in the total number of existing homes, condominiums and townhomes sold in November. Nearly 2,700 homes sold in November, which was down from October's 3,192 and November 2012's 3,293.

You can view complete statistics in Las Vegas area home sales at lasvegasrealtor.com.

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