LAS VEGAS (KLAS) — Home prices in Southern Nevada are inching back to an all-time high, according to a new report released Tuesday morning.
Despite fewer sales this year, The Greater Las Vegas Association of Realtors reports the demand for housing is still strong and the median price of existing homes sold in September was $310,000. That price is within $5,000 of the peak median price of $315,000 set in 2006. The September sales price was up a little more than 3% from the same time last year, which is lower than in previous years.
“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. In past decades, when prices went up by 3 to 5% per year, we thought that was pretty good appreciation,” said 2019 GLVAR President Janet Carpenter, a longtime local REALTOR®. “With demand staying strong and our local housing supply remaining tight, I wouldn’t be surprised to see this trend continue into the foreseeable future.”
The industry is seeing strong signs of stability especially over the past year, after the volatility from the recent decades.
GLVAR says local home prices had been soaring since early 2012 before finally slowing down this year.