Las Vegas Home Prices Drop - 8 News NOW

Las Vegas Home Prices Drop

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LAS VEGAS - Home prices in Las Vegas slipped from October to November as the valley's real estate market entered its winter slowdown.

The Greater Las Vegas Association of Realtors (GLVAR) reports the median price of a home sold in Las Vegas fell 1.1 percent from October to November to $183,000. The median price was significantly higher than in November 2012, rising 25.3 percent from last year.

Home sales also fell last month. 2,201 homes sold in November, a drop of 16.2 percent from October and down 17.9 percent from 2012.

GLVAR President Dave Tina says the real estate market traditionally cools down during the holidays.

"I'm not surprised to see prices go down a bit this month," he said. "We may see prices soften a bit more through the winter before hopefully bouncing back in the spring. We've been saying for months that it's very hard to sustain the kind of price increases we've been seeing since 2012."

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