Las Vegas, NV (KXNT) – “Stable” isn’t a word often associated with the southern Nevada housing market, but that aptly describes the current conditions, according to a new report released Friday from Las Vegas Realtors.
LVR says that the median price for a pre-existing, single-family home in January was $470,000, the same as the median price from December, and down 3% for a year ago.
Helping out buyers in the market is a larger supply of available homes – a roughly 5-month supply (compared to a 3-month supply last year at this time). Interest rates have also stabilized, making the purchase of a home more attractive to prospective buyers.
The median price for condominiums and townhomes in January was $283,750. That's well below the record high of $315,000, which was set last October.
"Overall, this month’s LVR report is another indication of how conditions are starting to favor buyers," Las Vegas Realtors President George Kypreos said in a statement. "They now have more homes to choose from at prices that have been stabilizing."