Average price of existing homes climbs to $290,000

This February 2016 photo shows a house for sale in the Las Vegas Valley.

The average sales price for an existing single-family home in Southern Nevada in July was $290,000, an 11 percent increase from $260,000 in July 2017, according to a report from the Greater Las Vegas Association of Realtors.

The median price, however, is the same as in June, indicating the housing market remains tight, Chris Bishop, the association’s president, said in a statement.

“Local home prices had been on the rise for most of 2018 but have been slowing down this summer,” he said. “That tight supply has been dragging down home sales. At this rate, we’re on pace to sell fewer existing homes this year than we did last year. And it may be some time before local home prices get back to their all-time peak from 2006.”

That’s when the average sales price was a record $315,000; it hit a post-recession bottom of $118,000 in January 2012. The group’s figures are calculated using transactions on its Multiple Listing Service, which doesn’t account for new construction or homes sold without an agent.

There were 4,787 single-family homes listed for sale without an offer, which is a two-month supply, according the report. The association says a six-month supply represents a balanced market.

There were 878 condominiums and townhomes on the market without an offer.

The group says 89 percent of homes sell within 60 days of being put on the market.

Real Estate