Las Vegas, NV (KXNT) – Valley home prices were stable in July, even as the median price of a condo took a bit of a hit, according to new figures released Friday by Las Vegas Realtors
According to LVR, the median price of a pre-existing, single-family home in Las Vegas in July was 485,000, the same number that it was in June
"The biggest headline coming out of our housing market this year has been our increasing inventory," LVR President George Kypreos said. "We continue to see steady prices and an increasing number of local homes available for sale – though our inventory levels are not out of line with where they've been historically."
The median price for a condo or townhome dropped to $290,000, a fall of $15,000 from June.
It’s estimated that Las Vegas has a roughly four-month supply of homes currently on the market, twice what it was for the same month one year ago.
Compared to last June, though, single-family homes aren't as quick to sell in today's market. LVR figures show roughly 79% of homes are selling within 60 days, compared to 86.5% last year. For condos/townhomes, 60-day sales are down to 73.5% compared to 81.8% last year.