Las Vegas-area homes are appreciating at their lowest rate in the past seven years. That’s according to numbers released this week from the Greater Las Vegas Association of Realtors.
For May, and for the third consecutive month, median existing home prices in Southern Nevada continued to hover around the $300,000 mark.
The year-over-year increase of just under 2% from May 2018 represents the smallest bump since May 2012, according to GLVAR President Janet Carpenter.
“The rate of appreciation has really been slowing down and that has become especially apparent over the past few months,” Carpenter said in a news release. “One big difference between now and seven years ago is the median home price back then was only $128,000.”
Home prices in the area had generally been rising since early 2012 before retreating in recent months. The median sale price reached $300,000 for the first time in September and has stayed around that mark since then.
The median price for an existing home sold in Southern Nevada peaked at $315,000 in June 2006. Local home prices hit a post-recession floor of $118,000 in early 2012, according to the association.
The median price for condominiums and townhomes sold last month was $179,500, which was up more than 12% from May 2018.
According to the report, the number of existing homes, condos and townhomes sold last month — 4,045 — represented an increase of nearly 5% percent for existing homes and nearly 2% for condos and townhomes.
Home sales generally pick up during the spring and summer months, and at the current sales pace, Southern Nevada has less than a three-month supply of homes available on the market, Carpenter said.
Anything under a five-month supply is generally considered a seller’s market.
By the end of last month, GLVAR reported more than 7,800 homes listed for sale without any offer. That’s up almost 91% from May 2018. The percentage was even greater for condos and townhomes.
Founded in 1947, the GLVAR serves more than 14,000 Southern Nevada agents.