Local home prices, sales keep climbing in June

A view of residential rooftops near Horizon Ridge Parkway and Gibson Road in Henderson.

Southern Nevada home prices and sales continued to climb in June, according to the Greater Las Vegas Association of Realtors.

The median price of existing single-family homes sold in June through GLVAR’s multiple listing service increased to $257,373, up 2.9 percent from May and up 9.5 percent from June 2016.

The median price of local condos and townhomes sold in June was $128,000, down 7.2 percent from May, but up 11.3 percent from June 2016.

The number of homes available for sale rose for the first time this year from May to June. But at the current sales pace, Southern Nevada still has less than a two-month supply of existing homes available for sale. A six-month supply is considered to be a balanced market.

“We’re still dealing with a housing shortage, but at least our housing supply didn’t get any tighter last month,” GLVAR President David J. Tina said.

Tina said the current housing market can be difficult for prospective homebuyers, especially those looking for homes in lower price ranges. He advises would-be buyers to be aggressive and be prepared to “put a ring on it” when they find a home they like.

“If you’re looking for a home under $300,000, you’re really going to have to compete,” he said. “If you’re looking for a home between $350,000 and $800,000, you may have a better shot. The high-end market is a different story.”

GLVAR reported 5,174 single-family homes listed for sale without any sort of offer at the end of June. While up 4.1 percent from May, that’s down 27.1 percent from one year ago. For condos and townhomes, the 639 properties listed without offers in June were up 1.4 percent from May but still represented a 51.9 percent drop from one year ago.

Local home sales continue to increase. The number of existing local homes, condos and townhomes sold in June was 4,368, up from 3,957 in June 2016. Compared to one year ago, sales were up 10.3 percent for homes and up 10.6 percent for condos and townhomes.