LAS VEGAS – Home prices in Las Vegas fell for the first time in more than a year in September.
The Greater Las Vegas Association of Realtors (GLVAR) reports the median price of a home sold in Las Vegas dropped to $180,000 last month. That represents a decline of 1.1 percent from August, but remains 28.6 percent higher than the median sales price in September 2012.
GLVAR reports the September price ends a 19-month run of rising home prices.
"We knew these rising home prices had to slow down sometime," said GLVAR President Dave Tina in a statement. "Home prices and sales usually slow down heading into the holidays and in the winter, so this may be the beginning of more stable prices for the coming months."
The number of available homes for sale rose by 3.7 percent from August to September. Fourteen thousand, six hundred and fifty nine homes were listed last month.
GLVAR reports fewer foreclosures and short sales occurred in September, and nearly 70 percent of all sales were traditional.