Las Vegas home values are on the rise again, following three months of holding steady, according to a new report from the Greater Las Vegas Association of Realtors.
The GLVAR reports the average price for a home sold in the area in June was $304,000. That’s up 4.8% from 290,000 in June of 2018. The price of condos and townhomes increased at a greater rate – 6.5% – to $177,900.
A decrease in the number of sales led to the price hike.
“It’s normal for home prices and sales to increase this time of year,” said 2019 GLVAR President Janet Carpenter. “Overall, I think the takeaway from this month’s GLVAR report is that the local housing market is surprisingly stable. In fact, this is probably as stable as the local housing market has been in nearly two decades.”
A separate report released last month showed the Las Vegas market had the fastest-growing home prices in the nation at just over 7% from April 2018 to April 2019. The pace of growth brings to mind the rapid increases Clark County homes saw just before the Great Recession. Home prices hit their peak of $315,000 in June of 2006, ahead of the proverbial “bubble burst”.