Vegas home prices see another monthly drop in price

Higher interest rates, more inventor causing prices to fall
A previously "For Sale" home has been sold
Home sold Photo credit Feverpitched/Getty Images

Las Vegas, NV (KXNT) - Home prices dropped for the second month in a row, the median price of a pre-existing single-family home falling to $465,000 in July, according to figures released Tuesday by Las Vegas Realtors.

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That price was a 3.1% drop from May’s price.

The "median price" refers to the price that's right in the middle -- half the homes sell for more, and half the homes sell for less.

Condos and townhomes are following the downward trend, with the median price at $271,800 -- down 2.9% from prices in June. Compared to one year earlier, sales were down 38.4% for homes and down 30.6% for condos and townhomes.

Even though home prices have dipped the past two months, prices are still way up from this time last year, when the median price was $405,000.
The median price for a condo or townhome a year ago was $224,250.

Home prices reached an all-time high in May at $482,000.

Another result of the slowdown is a higher inventory of homes that are available. Over the past year, inventories were very low, but the current number of homes for sale represents a three-month supply, according to LVR.