Las Vegas, NV (KXNT) – Valley home prices saw a pretty steep drop in September, according to new figures released Tuesday by Las Vegas Realtors.
According to LVR, the median price of a pre-existing, single-family home in Las Vegas in September was $470,000, a drop of $10,000 from August
The median price for a condo or townhome dropped to $294,000, down $4,000 from August.
More homes are on the market, and they’re staying on the market for a longer time, which has led to the price drop.
"We're seeing more homes available for sale than we've had in some time. We're also seeing a more balanced housing market," LVR President George Kypreos said. "Along with other factors that have been shifting in favor of home buyers, we're entering a time of year that national reports show is the best time to buy."
In September, 72.0% of all homes and 67.0% of all condos/townhomes sold within 60 days. That's down from a year earlier, when 81.4% of all homes and 83.2% of all condos/townhomes sold within 60 days.