Las Vegas median home prices reach $300K as sales drop

Las Vegas house prices reached their highest level in months in January as sales plunged from a year ago and availability almost doubled.

The median sales price of single-family homes last month was $300,000, the first time it reached that level since September, according to a new report from the Greater Las Vegas Association of Realtors.

Prices were up 1.6 percent from December and 13.2 percent from January 2018.

A total of 1,823 houses traded hands last month, down 14.9 percent from December and 19.4 percent from January 2018.

At the same time, 7,254 single-family homes were on the market without offers at the end of January, up 9.7 percent from December and 95.1 percent year-over-year, according to the GLVAR.

The trade group reports data from its listing service, which largely comprises previously owned homes. Single-family houses make up the bulk of the market.

The numbers show that Las Vegas’ housing market started 2019 where it ended last year: amid rising prices, falling sales and swelling inventory.

GLVAR President Janet Carpenter, managing broker of Signature Real Estate Group’s Summerlin office, said in a statement that prices and sales usually tumble in January, “which is traditionally one of the slowest months for the local housing market.”

Still, buyers have pulled back lately amid affordability concerns, with Las Vegas posting the fastest-growing home prices among major markets.

Prices in Southern Nevada were up 12 percent year-over-year in November, more than double the national rate of 5.2 percent, according to the most recent S&P CoreLogic Case-Shiller index.