Greater Las Vegas market cools
According to the Greater Las Vegas Association of Realtors, in the month of October 2016, local housing supply remains tight as Southern Nevada home prices and sales cooled a bit from previous months but remain ahead of last year’s levels.
GLVAR reported the median price of existing single-family homes sold during October through its Multiple Listing Service (MLS) was $233,250. That was down slightly from September, but still up 5.1 percent from $222,000 one year ago.
“These GLVAR statistics for October show what a stable housing market we have. They also reflect some seasonal factors,” said 2016 GLVAR President Scott Beaudry, a longtime local Realtors. “The housing market tends to slow down in the fall as kids go back to school and the weather cools off, so it’s no surprise to see local home sales and prices cool off a bit in October. Our housing supply has been very tight for many months now, and I don’t see that changing anytime soon. As for local home prices, they continue to appreciate at a slower rate year over year.”