Home prices approach all-time highs for Southern Nevada
Inching closer to the region's all-time high of $315,000, the median price for a home in Southern Nevada crept higher in September.
According to a report released Tuesday by the Greater Las Vegas Association of Realtors, the median price for an existing home at the end of September was $310,000.
The all-time high for the area was recorded in June 2006, just before the Great Recession.
Local home prices bottomed out at $112,000 in early 2012.
"Maybe now we'll have nobody in Las Vegas who will be underwater," said GLVAR president-elect Tom Blanchard. "I'm happy we're getting close to (the all-time high) because there were some people who purchased at that high water mark and they'll finally be breaking even."
The September median price represents just over a 3% increase from the same month in 2018 and a slight increase from August 2019.
The median price for a local condo or townhome in September was $171,000, nearly identical to what it was during the same month in 2018.
"When you look at how gradually home prices have been going up lately, the rate of appreciation is more like what we considered to be normal for many years," said Janet Carpenter, this year's GLVAR president. "With demand staying strong and our local housing supply remaining tight, I wouldn't be surprised to see this trend continue."
Carpenter said fewer homes have been selling this year compared with the previous few years.
The association reported 42,876 local property sales in 2018, down from just under 45,400 in 2017. Carpenter said 2019 has been trailing last year's sales pace.
A total of 3,430 homes, condos and townhomes were sold in Southern Nevada last month.
When compared with the same month last year, September 2019 sales for homes were up nearly 13% and nearly 20% for condos and townhomes.
According to the report, the area still has less than a six-month supply of homes on the market, the level at which a market is considered to be balanced, Carpenter said.
Founded in 1947, the GLVAR serves more than 14,000 area agents.