According to a recent report by the Greater Las Vegas Association of Realtors, the median house price dipped below $300,000 in September. Sales were also off as inventory came up. Figured as a percentage, the drop was down 1.7% from September. The overall numbers are still good showing sales up 12.2% from October 2017.
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.Read More