Las Vegas, NV (KXNT) - Las Vegas home prices finally cooled off a little bit in August, according to new numbers released Wednesday by Las Vegas Realtors.
The median price of an existing single-family home in August was $405,000, the same as it was in July. It's the first time since January that the median price did not increase. Nevertheless, the median existing single-family home price is almost 21 percent higher than a year ago at this time.
The rise is price has been driven by several factors, including low supply, high demand, and record low mortgage interest rates. An influx of cash buyers from out of state has also played a large role in keeping prices up.
Sales did slow down a bit in August. Buyers picked up 3,210 houses in August, down 4.2 percent from July but up 10.3 percent from August 2020, and 3,256 single-family homes were on the market without offers at the end of last month, up 8.3 percent from July but down 29.8 percent year over year.
In a statement, Las Vegas Realtors Association President Also Martinez also credited the leveling off of prices to families that “were preoccupied getting their kids in school, graduates off to college and all the seasonal reasons that cause what LVR leaders called a momentary pause while the market readies for its last surge before the expected holiday slowdown begins.”