Southern Nevada home sales rose
The Greater Las Vegas Association of Realtor (GLVAR) reported Friday that more existing homes were sold in Southern Nevada in 2016 than in 2015, even with a tight housing supply and rising home prices.
GLVAR’s housing statistics for the month of December 2016 showed some seasonal forces at work, with local home prices down slightly from the previous month, as typically occurs this time of year. Still, GLVAR reported the median price of existing single-family homes sold during December through its Multiple Listing Service (MLS) was $235,000. That was up 8.3 percent from December 2015. Meanwhile, the median price of local condos and townhomes sold in December was $113,000, down 4.2 percent from the same month one year ago.
GLVAR President David J. Tina said he was “pleasantly surprised” to see home sales increasing in December by 4.6 percent compared to the previous month and by 1.3 percent compared to the previous year. Condo and townhome sales were even stronger, increasing by 18.9 percent from the previous month and by 12.4 percent from the previous year. He cited a combination of factors driving local home sales, including an improving local economy and a population that is growing by about 2 percent per year.