Home prices in Southern Nevada are 'cooling down' - FOX5 Vegas - KVVU

Home prices in Southern Nevada are 'cooling down'

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LAS VEGAS (FOX5) -

Home prices in Southern Nevada are leveling off during the winter months and holiday season.  

The Greater Las Vegas Association of Realtors reported that home prices are in a cooldown period this time of year, but prices and sales are still up from 2016. 

“Like most years, we’re seeing prices level off heading into the winter months,” said David Tina, GLVAR president. “This is normal. Overall, the local housing market has been steady and strong, with sales going up and prices appreciating, but not going up too quickly.” 

The median price of existing single-family homes sold during November was $261,150, according to the association of realtors. This is slightly down from October, but up almost 9 percent from November 2016.

Condos and townhomes sold this November were at a median price of $141,500, up slightly from October and up 19 percent from 2016.

At the current sales pace, Southern Nevada still has less than a two month supply of existing homes available for sale, according to the GLVAR, and a six month supply is considered to be a balanced market.
 
“We have a growing population and an undersupply of homes on the market,” said Tina. "So regardless of what happens here over the next five years or so, we’re still going to need more houses for all the people moving here.”
 
Home sales in 2017 continue to run about 10 percent ahead of the pace from 2016, according to the association, and on track to be the best year for home sales in Southern Nevada since 2012.

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