Las Vegas home prices increase at slowest pace in 7 years

Las Vegas house prices last month rose at their slowest pace in seven years — another sign of the market’s continued downshift, a new report shows.

The median sales price of previously owned single-family homes — the bulk of the market — was $300,000 in April. That was unchanged from March but up 3.8 percent from April 2018, according to a report from the Greater Las Vegas Association of Realtors.

Buyers picked up 2,872 houses last month, up 9.6 percent from March but down slightly — 0.2 percent — year-over-year.

Meanwhile, buyers keep passing on a rising tally of listings. A total of 7,435 single-family homes were on the market without offers at the end of April, up 4.9 percent from March and 94.8 percent — almost double — from a year ago, the GLVAR reported.

The association pulls data from its listing service, which largely comprises previously owned homes.

Las Vegas home prices have been climbing at one of the fastest rates in the country for the past year or so amid a growing population and shrinking unemployment. But amid affordability concerns, resales have tumbled, the once-depleted inventory of available houses has soared, and price growth has slowed.

Last month, according to the GLVAR, the year-over-year jump in median sales price was the smallest such increase since April 2012.

In April 2018, for instance, the median sales price of single-family homes was up 16 percent from a year earlier.

GLVAR President Janet Carpenter, managing broker of Signature Real Estate Group’s Summerlin office, said in a statement that the housing market is “stabilizing” with “gradually appreciating prices, more homes on the market and slower sales.”

Amber Diskin, an agent with iProperties International, said a lot of sellers were overpricing their homes, which helped fuel the rise in available listings.

All told, houses aren’t selling nearly as fast as they used to. According to the GLVAR, 55.6 percent of single-family homes that traded hands last month had been on the market for 30 days or less, compared with 72.9 percent of house sales in April 2018.

Amid the pullback, more sellers have been cutting their prices. Asked how many of her clients had slashed their asking price in the past few months, Diskin said: “Almost all of them, actually.”

Windermere Prestige Properties agent Shyla Magee said Las Vegas’ increased inventory “is a good thing, especially for the buyers,” who now face lighter competition.

Sellers get worried if they can’t find a buyer right away, but that doesn’t mean the market is in bad shape, Magee said.

“It’s becoming normal again,” she said.

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