40°F
weather icon Clear

Las Vegas house prices dip in October

Las Vegas’ median house price dipped below $300,000 last month as sales tumbled from a year earlier and inventory soared.

The median sales price of previously owned single-family homes, the bulk of the market, was $295,025 in October, down 1.7 percent from September but still up 12.2 percent from October 2017, according to a new report from the Greater Las Vegas Association of Realtors.

A total of 2,686 houses traded hands last month, up 10.3 percent from September but down 9.6 percent from a year earlier.

Also, 6,919 houses were on the market without offers at the end of October, up 12.5 percent from September and 44.3 percent from a year earlier, the association reported.

The trade group reports data from its listing service, which largely consists of previously owned homes.

The numbers further underscore the state of Las Vegas’ housing market in recent months. Prices are still climbing fast from a year ago, but amid rising mortgages rates and affordability concerns, sales are slumping, and the tally of available listings is on the rise.

Las Vegas’ median house price hit $300,000 in September, its highest level in more than 11 years.

Association President Chris Bishop, a branch manager at Coldwell Banker Premier Realty, said in a statement that while more homes sold last month than in September, “we’re on pace to sell fewer homes this year than we did last year. At the same time, potential buyers should be encouraged to see more homes on the market.”

THE LATEST
 
Housing boom not ending in 2022, expert says

Frank Nothaft, chief economist with housing tracker CoreLogic, spoke with the Review-Journal about the U.S. market’s trajectory during the pandemic and what might happen next.