Home for sale

(FOX5)

LAS VEGAS (FOX5) -- Home prices in Southern Nevada are approaching their all-time high while the local housing supply remains tight, according to a report released Tuesday by the Greater Las Vegas Associated of Realtors. 

The median sales price of existing single-family homes sold in Southern Nevada during September was $310,000, up 3.3% from $300,000 in September 2018, according to GLVAR.

GLVAR's report noted that the median price of existing single-family homes sold in Southern Nevada is now within $5,000 of the $315,000 peak set in June of 2006 before prices began falling during the recession. Home prices hit a post-recession bottom of $118,000 in January of 2012.

There are 7,334 single-family homes listed for sale without any sort of offer, up 19.3% from one year ago. 

While the local housing supply is up from 2018, GLVAR President Janet Carpenter notes that it's still well below the six-month supply that is considered to be a more balanced market. At its current sales pace, Southern Nevada has less than a three-month supply of homes available for sale, Carpenter said. 

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