Las Vegas housing market sees unusual January price jump

Las Vegas’ housing market began the year with a jump in sales and prices compared to the start of 2016.

The median sales price of previously owned single-family homes — the bulk of the market — was $238,000 in January, up 1.3 percent from December and 8.7 percent from January 2016, according to a new report from the Greater Las Vegas Association of Realtors.

Buyers scooped up 2,144 such homes last month, down 21 percent from December but up 14.1 percent from last January.

Meanwhile, there were 5,852 such homes on the market but without offers at the end of January, down 1.7 percent from December and 21.2 percent from a year ago.

The GLVAR reports data from its listing service, which largely comprises previously owned homes.

GLVAR President David J. Tina, co-owner of Urban Nest Realty, said in a statement that it’s rare for prices to rise in January, which is usually one of the slowest months locally for prices and sales.

Tina also said that local home sales have climbed because of a combination of factors, including the improved economy and Las Vegas’ growing population, which he said is expanding by about 2 percent annually.

A total of 41,720 previously owned houses, condos and townhomes were sold in Southern Nevada last year, up 8 percent from 2015, according to GLVAR data.

Contact Eli Segall at 702-383-0342 or esegall@reviewjournal.com. On Twitter at @eli_segall.