Las Vegas (KLAS) – After years of increases, home values in the Las Vegas valley have leveled off in recent months. That’s according to a report out Wednesday morning from the Greater Las Vegas Association of Realtors.
GLVAR reported that the median price for existing single-family homes sold in Southern Nevada in July was $303,000. That’s an increase of 4.5% from $290,000 for the same month in 2018. The median price for condos and townhomes sold in July was $175,000, a 5.4% increase from July of last year. But both are virtually unchanged from June’s numbers.
GLVAR President Janet Carpenter said the local housing market hasn’t been this stable in nearly 20 years.
“We’re running out of synonyms for stable,” Carpenter said in a statement. “Local home prices are appreciating, but at a more gradual rate than they have been in many years.”
An increased inventory is helping corral prices. The number of single-family homes and condos for sale skyrocketed from July of 2018. At the same time, sales were slightly lower. While the local housing supply is up, Carpenter said it’s still below what would normally be considered a balanced market.
Before slowing earlier this year, local home prices had been rising – sometimes dramatically – since early 2012. The Las Vegas valley is nearing the all-time peak median home price of $315,000 in June of 2006 before falling during the Great Recession.